ISLAMABAD: The federal government has increased the prices of petrol and diesel by Rs55 per litre due to a sharp rise in global oil prices caused by the ongoing US-Israel war with Iran.
Petroleum Minister Ali Pervaiz Malik announced the increase during a press conference along with Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.
After the increase, the new price of petrol has reached Rs321.17 per litre, up from Rs266.17. The price of high-speed diesel has risen to Rs335.86 per litre from Rs280.86.
This is the first weekly review of petroleum prices after rising tensions in the region affected global energy supplies, especially after the closure of the Strait of Hormuz, a key route for global oil shipments.
Earlier, the government used to review petroleum prices every two weeks. However, due to the changing global situation, the government has now decided to review prices every week.
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The government has also increased the Petroleum Development Levy (PDL) on petrol from Rs84.40 to Rs105 per litre. At the same time, the levy on high-speed diesel has been reduced from Rs76.21 to Rs55 per litre.
Speaking at the press conference, Ali Pervaiz Malik said the government made the decision after carefully reviewing the changing international oil market situation.
He said the government would continue to review prices on a weekly basis and would reduce them immediately if the global situation improved.
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The minister said the country was facing extraordinary circumstances due to the global crisis. He added that the government had taken steps in recent weeks to protect petroleum reserves and ensure an uninterrupted fuel supply across the country.
Malik also warned that strict action would be taken against those involved in hoarding fuel to make illegal profits. He said the authorities would not allow anyone to stop selling petrol in order to create an artificial shortage.
He added that global prices of petrol and diesel had increased sharply, and the government had to take the difficult decision to raise fuel prices.
