Government's big decision, record increase in petrol and diesel prices

The federal government has increased the prices of petroleum products, after which there is a fear of further inflation burden on the people. According to officials, this decision was taken in the context of the increase in oil prices in the global market and the promises made to the International Monetary Fund.

According to the announcement, the price of petrol has been increased by Rs 137.23 per liter while the price of diesel has been increased by Rs 184.49 per liter. Under the new prices, petrol has been fixed at Rs 458.40 per liter and diesel at Rs 520.35 per liter, which will be applicable from 12 midnight.

Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb said in a joint press conference that due to the ongoing tension in the Gulf region, there has been an extraordinary increase in oil prices in the global market, which has also had an impact on Pakistan.

The government has clarified that now the subsidy will be limited to specific segments only. A subsidy of Rs 100 per liter will be given to motorcycle users, however, this facility will be limited to 20 liters per month and for only three months.

In addition, various subsidies have been announced for small farmers, transporters and the public transport sector to mitigate the impact of rising costs to some extent.

According to the Finance Minister, the government will review the subsidy policy again after a month, while changes in the working hours of markets are also being considered to save energy.

The government says that these decisions are difficult due to the current global situation, but they are indispensable to keep the economy stable.