Petrol Diesel Price Hike: Major setback for common people. The effects of escalating tensions in West Asia are now evident on Pakistan's financial situation. In light of reports regarding a conflict involving the US, Israel, and Iran, along with ongoing assaults in the Strait of Hormuz, the Pakistani government has swiftly raised petrol and diesel prices by Rs 55 per liter. As per reports, Petroleum Minister Ali Pervez Malik revealed the new pricing during a press conference alongside Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. As a result, the cost of petrol has surged from Rs 266.17 to Rs 321.17 (an increase of Rs 105.62) per liter, while high-speed diesel has jumped from Rs 280.86 to Rs 335.86 (an increase of Rs 110) per liter. There is also unrest in Bangladesh regarding this issue. In India, domestic gas cylinder prices have risen by Rs 60. When can we expect oil prices to decrease? Additionally, the government has raised the Petroleum Development Levy. The levy on petrol has gone up from Rs 84.40 to Rs 105 per liter, while the levy on diesel has been decreased from Rs 76.21 to Rs 55 per liter. Petroleum Minister Malik explained that this decision was essential due to the swiftly changing conditions in the international market. He mentioned that petroleum prices will now be assessed weekly, and there is a possibility of reductions as the situation stabilizes. The government also indicated that oil reserves have been sustained over the past few weeks to ensure fuel availability in the country. Furthermore, it has warned of stringent measures against anyone attempting to hoard profits. Pakistan is exploring new avenues for oil procurement Meanwhile, amid the threat of a blockade in the Strait of Hormuz, Pakistan has sought alternative oil supplies from Saudi Arabia. The Petroleum Minister has met with Saudi Ambassador to Pakistan Nawaf bin Saeed Al Maliki to request that oil be transported via the Yanbu Port on the Red Sea. Pakistan has stated that the majority of its oil tankers typically arrive through the Strait of Hormuz. Therefore, if this route remains obstructed, it could have a significant impact on energy supplies. Saudi Arabia has assured that it will assist Pakistan in supplying oil through the Yanbu Port if needed.
