Post by : Shakul

Pakistan has sharply increased fuel prices as global energy costs surge amid ongoing conflict in the Middle East. The government announced a 42.7 percent rise in petrol prices and a 54.9 percent increase in diesel rates, reflecting pressure from international oil markets.

Petroleum Minister Ali Pervaiz Malik stated that the new petrol price has been set at 458.40 Pakistani rupees per litre, while diesel now costs 520.35 rupees per litre. The revised prices came into effect immediately following the announcement.

Officials said the government attempted to cushion the impact on citizens but was ultimately forced to pass on the burden due to limited financial resources. Diesel, which is widely used in transport and agriculture, is expected to significantly affect daily life and economic activity.

The price surge is linked to the ongoing conflict involving Iran, which has disrupted shipping routes through the Strait of Hormuz — a key passage for global energy supplies. The disruption has driven up oil prices worldwide, affecting fuel-importing countries like Pakistan.

Pakistan had already raised fuel prices earlier in March, but the continued escalation of the crisis has intensified economic pressure. The country remains heavily dependent on imported oil and gas, making it vulnerable to global supply shocks.

To manage the situation, authorities have introduced austerity measures, including reducing the government workweek, extending school holidays, and shifting some educational activities online to conserve energy.

The broader impact is being felt across Asia, with several countries also increasing fuel prices. The International Monetary Fund has warned that vulnerable economies may face rising inflation, supply chain disruptions, and additional financial strain due to the crisis.

#world news #Global News #Business News #Asia News #Pakistan