ISLAMABAD: Middle East Tensions: The government has increased the prices of petroleum products due to tensions in the Middle East.
Deputy Prime Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervez Malik held a joint press conference.
The government has announced a hike in the prices of petrol and diesel by Rs 55 per liter, after which the new price of petrol has been fixed at Rs 321.17 and the new price of diesel at Rs 335.86 per liter.
The new prices have been implemented at 12 midnight.
The development levy on petrol has been increased from Rs 84.40 to Rs 105 per liter and the PDL on high-speed diesel has been reduced from Rs 76.21 to Rs 55 per liter.
Deputy Prime Minister Ishaq Dar said that there is a war situation in the region, the prices of petroleum products are skyrocketing, the Prime Minister is very concerned about this and the Prime Minister himself has held a meeting today in which he reviewed the situation.
He said that we have to see how much to increase, we had to find a way out by balancing, we have contacted the foreign ministers of other countries, Pakistan is making every effort to reduce the tension by bringing our colleagues together, it remains to be seen how long it will take to reduce this tension, the Prime Minister and the Field Marshal are also in touch with their counterparts from other countries.
He said that five days have passed, we are reviewing every day, the prices are increasing significantly every day, the prices of petroleum products will increase from tonight.
Decision to increase prices of petroleum products made under compulsion: Petroleum Minister
Petroleum Minister Ali Pervez Malik said that there is no doubt that we are going through extraordinary circumstances, the situation that started in the neighborhood has engulfed the entire region, we had increased our reserves according to the situation and our effort is to take this work forward as a state with wisdom.
As soon as things improve, we will reduce prices with the same urgency: Petroleum Minister
He announced that the difficult decision to increase the prices of petroleum products has been made and the decision to increase the prices of petroleum products was made under compulsion, it was decided to increase the price of petrol and diesel by Rs 55 per liter. As soon as things improve, we will reduce the prices with the same urgency and we will review the prices of petroleum products weekly.
