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- Pakistan Petrol Price Hits Rs 458.41, Diesel Rs 520.35 Per Litre – Massive Hike Due To US Iran War
New Delhi8 minutes ago
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The price of kerosene in Pakistan has also been increased by Rs 34.08 to Rs 457.80 per liter.
Diesel and petrol have become the most expensive in Pakistan. One liter petrol has crossed Rs 458 and diesel Rs 520 (Pakistani Rupee). The government has increased the price of petrol by 43% and high-speed diesel (HSD) by 55%.
This decision has been taken after the rise in crude oil prices in the global market due to the ongoing war between America and Iran. The new rates have come into effect from Thursday midnight.
In Pakistan, petrol increased by 137.23 to Rs 458.41 and diesel increased by 184.49 to Rs 520.35 per liter. The price of kerosene has also been increased by Rs 34.08 to Rs 457.80 per liter.
Last month petrol and diesel had become costlier by Rs 55. Then petrol was Rs 321.17 and diesel Rs 335.86. The value of 1 rupee of Pakistan is equal to 33 paise of India. That means the value of Rs 100 in India is equal to Rs 300 in Pakistan.
Petrol 94 and diesel 87 rupees per liter in Delhi
Tax increased on petrol, reduced to zero on diesel
To maintain balance in prices, the government has also changed petroleum tax rates. Tax on petrol has been increased from Rs 105 to Rs 160 per liter. To ensure that diesel prices do not rise too much, the tax on it has been reduced from Rs 55 to zero.
Petroleum Minister said – it is necessary to limit subsidy
Pakistan’s Petroleum Minister Ali Pervez Malik has called this decision a difficult decision. He said that considering the global market situation, it was necessary to take this step.
The main objective of the government is to maintain financial discipline and protect economic stability. According to Malik, the government will now give subsidy only to those sections who need it the most.
Prices increased to reduce consumption
Prime Minister’s Economic Affairs Advisor Khurram Shahzad said in an interview that last month there was an increase of 8% in petrol consumption and 13% increase in diesel consumption.
To control this consumption, prices were increased. He told that the government was trying to stop these prices for the last three weeks, but in view of the global situation, it is no longer possible.
What will be the impact on the general public of Pakistan?
- Dearness: Due to increase in diesel prices, freight transportation will become expensive, due to which fruits, vegetables and everyday items will become expensive.
- Farming: The cost of crops will increase as diesel for running tractors and tube wells becomes expensive.
Experts believe that if the war prolongs, fuel prices in Pakistan may cross Rs 600, which may create a new record of inflation in the country.
5 reasons for increasing petrol and diesel prices in Pakistan
IMF’s strict conditions: Pakistan is trying to get a bailout package from the International Monetary Fund (IMF). IMF has set a condition that the government should end all subsidies on fuel and levy heavy taxes.
Decline of Pakistani Rupee: The Pakistani Rupee (PKR) is continuously weakening against the Dollar. Since oil is imported in dollars, due to falling rupee the government has to pay more money to buy oil.
Crude oil prices in global market: Fluctuations in crude oil prices in the international market and problems in the supply chain are directly impacting Pakistan’s pockets.
Foreign exchange reserves: Pakistan is short of foreign exchange. Due to banks not having dollars, there is a delay in clearing oil import ships (L/Cs), which has increased the shortage and black marketing in the country.
Petroleum Tax: To increase its revenue, the government has increased the ‘Petroleum Development Levy’ on petrol and diesel to the maximum limit. Instead of providing relief to the public, the government is forced to fill its coffers with taxes.
Crude oil prices rise due to Hormuz route being affected
After the US-Israel and Iran war started on February 28, crude oil prices have continuously increased due to the impact of the Hormuz Route. Because of this the prices of petrol and diesel are increasing. Brent crude oil price is currently $ 109.03 per barrel.
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After the recent increase in the prices of Aviation Turbine Fuel (ATF), many airlines have increased the fuel surcharge. In view of the increasing burden on passengers, the Central Government is now preparing to intervene in this matter.
According to a report by NDTV, the government may soon hold a meeting with the airlines so that the common people can get relief from expensive travel. Read the full news…
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