Islamabad: The Pakistan government has announced a sharp increase in fuel prices, with petrol rising by 43 per cent and high-speed diesel (HSD) by 55 per cent, according to local media reports.
The price of petrol has been raised by Pakistani Rupees (PKR) 137.23 per litre from PKR 321.17 to PKR 458.41 while price of HSD has been increased by PKR 184.49 per litre from PKR 335.86 to PKR 520.35, Pakistan’s leading daily Dawn reported. The price of kerosene has been raised by PKR 34.08 to PKR 457.80.
Petroleum levy rates were adjusted to limit the rise in diesel prices and its effect on transportation and freight costs. The levy on petrol was raised to PKR 160 per litre from PKR 105, while it was reduced to zero on diesel from PKR 55, Dawn reported, citing sources.
In his remarks on Thursday night, Pakistan Petroleum Minister Ali Pervaiz Malik said the “difficult and responsible” decisions were made after discussion was held, which involved the president, prime minister, military leadership and provincial chief ministers.
He said the decision was aimed to restrict subsidies to the most deserving segments while maintaining fiscal discipline and protecting economic stability achieved over the past two years under international commitments.
Pakistan government also announced targeted relief measures, including a subsidy of PKR 100 per litre for two-wheeler users, capped at 20 litres per month for three months. Small farmers will be provided a one-time subsidy of PKR 1,500 per acre during the harvest season. Furthermore, a subsidy of PKR 100 per litre would be given to diesel-dependent inter-city and goods transport.
Moreover, trains carrying 80-85 per cent of food items would receive direct support of PKR 70,000 per month, large transport vehicles will get PKR 80,000 per month and inter-city public service vehicles would be given PKR 100,000 per month.
(IANS)
