Govt hikes petrol, high-speed diesel prices by Rs55 per litre

Govt hikes petrol, high-speed diesel prices by Rs55 per litre

On Friday, the government announced an increase in the prices of high-speed diesel and gasoline of Rs55 per liter. As a result, the ex-depot price for high-speed diesel for the coming week has been set at Rs335.86 per liter, and the ex-depot price for gasoline has increased 17 percent to Rs321.17 per liter from Rs266.17 per liter. Along with Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik made the announcement at a press conference.

During the press conference, Dar stated that the new prices will take effect on Saturday at 12 a.m. He began by discussing the ongoing war between Iran, the United States, and Israel, and then added that the conflict had expanded. He stated that the prices of petroleum products were rising in this scenario. He noted that "various products' prices have increased by 50% to 70%," and that the trickle-down effect was evident in other nations with an "automatic increase in [petroleum] prices." However, he stated that Prime Minister Shehbaz Sharif had been "careful" and that "deliberations have been going on for the past two to three weeks" in Pakistan.

“Under the leadership of Ali Pervaiz Malik and Aurangzeb, there is a permanent committee that reviews the situation on a regular basis,” he stated, adding that the Prime Minister had also held meetings and reviewed the global situation. He added, "A committee led by me was then formed," adding that Malik and Aurangzeb were also on the committee. Our goal was to "pass the minimum effect [of the Middle East conflict] on petroleum prices to the end consumer," and we engaged the relevant stakeholders. Dar stated that the government was attempting to collaborate with other nations to calm the Middle Eastern conflict, "but God knows how long it will take." He said that PM Shehbaz and Field Marshal Asim Munir, Chief of the Defence Forces and Chief of the Army, had also talked to the civilian and military leaders of other countries about this.

He came to the conclusion that the new measures, taken in light of the current circumstance, would take effect on Saturday at 12 a.m. Aurangzeb followed him and stated that the PM-appointed committee had met every day for the past five days to assess the situation. He claimed that Pakistan's economy and energy were inseparable. He said, "So we are also looking at the wider implications for the economy," referring to the ongoing crisis in the Middle East and its impact on the supply and prices of petroleum products. “We are at a good place in terms of macro-stability... So there is no panic discussion right now,” however. However, this does not mean that hope is a strategy. As a result, we must unite as the entire government. In order to maintain our proactive approach as a government as a whole, we must conduct scenario planning and analysis, he explained.

He predicted that demand or load management would play a significant role in the course of action taken by the government. He continued, "So we will meet the four chief ministers and their secretaries in the next two days because the execution rests with the provinces... we will meet them to share our message with them and take their buy-in." Malik, on the other hand, stated that the nation was experiencing "unusual circumstances" and that the "fire that ignited in our neighborhood has engulfed the entire region." He continued, "We do not know how long this crisis will persist," which was even more significant. He emphasized the need to "stretch our resources" and stated, "We have to act responsibly as a nation and a state as we don't know when this will end." He went on to mention the halt in activity at the Strait of Hormuz and the significance of price setting in this regard.