Pakistan government raises fuel prices, citizens face inflation burden

Pakistan's government raised diesel prices by PKR 2.96 and petrol by 56 paisas, effective immediately

The Pakistan government on Tuesday (local time) announced an increase in the price of high-speed diesel by PKR 2.96 per litre and an increase in the price of petrol by 56 Pakistan paisas per litre, ARY News reported.

On Tuesday (local time), the Pakistani government declared that the price of petrol will rise by 56 Pakistani paisas per litre and that the price of high-speed diesel would rise by PKR 2.96 per litre. (REUTERS/representational)

The updated prices for petrol and high-speed diesel are now set at PKR 252.66 per litre and PKR 258.34 per litre, respectively.

According to ARY News, these adjustments are part of regular revisions influenced by international market trends and local economic conditions.

This marks the second increase in petrol and diesel prices within a month, as per ARY News.

ARY News further reported that the Pakistan government has failed to reduce the petroleum levy, which has significantly contributed to the rise in petroleum prices. Over the past month and a half, petroleum prices have risen by PKR 12.14 per litre.

In November, opposition parties in Pakistan severely criticised the central government for increasing petroleum prices, arguing that it would further burden inflation-hit citizens, Geo News reported.

Displeasure over the government's decision was expressed by several leading opposition parties, including former Prime Minister Imran Khan's Pakistan Tehreek-e-Insaf (PTI) and Jamaat-e-Islami.

According to Geo News, Jamaat-e-Islami Emir Hafiz Naeem-ur-Rehman strongly condemned the recent increase in petroleum prices, calling it "shameful." The JI leader criticised the government for its inability to provide relief to the general public or the industrial sector.

Hafiz Naeem highlighted that while international prices are decreasing, Pakistan is experiencing price hikes.

He further urged the government not to "take out its frustration over PIA's privatisation failures" on the public by increasing fuel prices.

Pakistan International Airlines (PIA), the national airline carrier, has been undergoing a bidding process due to inefficiencies and other issues that have resulted in major losses to Pakistan's national exchequer.