Pakistan Fuel Prices Hike: The Pakistani government has hiked the price of petrol by Rs. 12.90 per litre and high-speed diesel (HSD) by Rs. 3.72 per litre. Following this latest revision, petrol is now selling at Pakistani Rs. 358.77 per litre, while HSD costs Rs. 381.77 per litre. This steep hike is expected to heavily impact the public at large, as diesel is a crucial lifeline for the heavy transport sector, power plants, and large generators in the country.
Pakistan Hikes Fuel Prices
The price surge comes even as the government continues to levy a staggering Rs. 114 per litre in taxes and duties on petrol and Rs. 100 per litre on diesel. The new fuel rates will take effect on Tuesday, September 8, according to an official notification from the Petroleum Division. While the latest revision marks an immediate hike, overall prices have actually come down from their record peaks seen earlier this year in April due to the raging war in the Middle East.
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According to the Dawn report, HSD had surged from Rs. 281 per litre following the outbreak of the US-Iran war on February 28, eventually peaking at Rs. 520.35 on April 3. Similarly, petrol prices climbed from Rs. 266 in the first week of March to hit a historic high of Rs. 458.41 on April 3. This means that the current rates represent a partial relief from the worst price spikes.
Earlier on July 17, Petroleum Minister Ali Pervaiz Malik had stated that fuel prices would be fixed daily due to fluctuations in international market prices triggered by renewed hostilities between the United States and Iran. Notably, the government was earlier announcing weekly revisions to fuel prices since March.
Protest Over Price Hike
While the hike may not be as high as it was during the beginning of the war, the increase in fuel prices in Pakistan points to the severe fuel and energy crisis the country has been grappling with for a long time. On September 5, Jamaat-e-Islami (JI) staged a nationwide strike against the petroleum levy, high fuel prices and agreements with independent power producers (IPPs) in Karachi.
According to The Express Tribune report, major commercial areas, including Jodia Bazaar, Bolton Market, Saddar's electronics and mobile markets, and Chemical Market, remained closed. JI Karachi chief Monem Zafar Khan stated that the strike had received massive support and demanded the immediate abolition of the petroleum levy. He further claimed that Rs1.7 trillion had been extracted from the public through IPP arrangements and warned of an expanded protest campaign if the government failed to withdraw the levy.
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