जंग के बीच पाकिस्तान पर फूटा ‘पेट्रोल बम’, मची अफरा-तफरी, पेट्रोल पंपों पर लंबी कतारें! – Iran War Impact Petrol Diesel Rates Hike in Pakistan check new price tutd
Amidst the war in the Middle East, the economic injury to Pakistan is clearly visible. Pakistan has burst ‘petrol bombs’ on its citizens. The biggest increase in the prices of petrol and diesel has been made so far. This increase has been made at a time when Pakistan had claimed a day earlier that it had enough crude oil.
Pakistan Has drastically increased the prices of petrol and diesel late on Friday night. The government has increased the price of petrol by 55 pence per liter, taking the price of petrol to 321.17 pence per liter and the price of high-speed diesel to 335.86 pence per liter. This is one of the biggest increases in recent years.
This increase has come at a time when tensions have increased in West Asia after military attacks by Iran, Israel and the United States, which has caused a major crisis on the global 20 percent crude oil supply, because Iran’s Strait of Hormuz route is closed, due to which the fears of supply disruption in the global oil markets have increased.
Pakistan is more dependent on this route
Officials said the decision was taken after emergency consultations led by Deputy Prime Minister Ishaq Dar, Finance Minister Mohammad Aurangzeb and Petroleum Minister Ali Pervez Malik as international crude oil prices surged amid fears of a ban on shipping through the Strait of Hormuz. Whereas Pakistan is more dependent on this route for import of fuel.
Pakistan purchases most of its crude oil from Saudi Arabia and the United Arab Emirates via the Strait of Hormuz, making the country particularly sensitive to any disruption in the region. The waterway handles a large share of global oil shipments, and stress on the route has driven up prices and insurance costs for cargo bound for Asia.
Long queues at petrol pumps
This sudden increase created chaos in many cities and long queues formed at petrol pumps as consumers rushed to fill their vehicles before the price revision. Prime Minister Shehbaz Sharif warned against hoarding, saying the country has enough reserves but they should be used cautiously amid uncertainty over how long the Middle East crisis will continue.
Officials said that keeping in mind the fluctuations in the global market, domestic fuel prices will now be reviewed on a weekly basis. Local media reports also said that the International Monetary Fund, during its ongoing talks with the government, has urged Pakistan to adjust fuel prices in line with rising international prices.
This increase may increase inflation
Economists have warned that the increase could sharply increase broader inflation, leading to rising costs of transportation, food and electricity. This will be even more difficult for an economy already under pressure from high debt and weak growth. If global oil prices rise and supply-related risks increase, energy prices may increase further.
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