Pakistan’s Prime Minister Shehbaz Sharif has approved a substantial increase in high-octane fuel prices, impacting luxury vehicle owners, alongside rises in petrol, diesel, and airline fares due to global oil market pressures.
IMAGE: People wait for their turn to get fuel at a petrol station amid the US and Israeli conflict in Iran, in Karachi. Photograph: Akhtar Soomro/Reuters
Key Points
- Pakistan has increased the price of high-octane fuel by PKR 200 per litre, impacting owners of luxury vehicles.
- The decision to raise high-octane fuel prices was approved by Prime Minister Shehbaz Sharif during a high-level meeting focused on fuel pricing and economic relief.
- Petrol and diesel prices in Pakistan have also risen by PKR 55 per litre due to surging global oil prices.
- Pakistani airlines have increased domestic ticket prices by PKR 2,800 to PKR 5,000 and international fares by PKR 10,000 to PKR 28,000 due to rising jet fuel costs.
Pakistan has significantly increased the fare of high-octane fuel, impacting luxury vehicle owners, while also seeing increases in petrol, diesel, and airline fares due to rising global oil prices.
Pakistani Prime Minister Shehbaz Sharif approved the significant increase in the levy on high-octane fuel used by luxury vehicles. The decision was taken during a high-level meeting chaired by Sharif, where he reviewed matters related to fuel pricing and economic relief.
The increase in high-octane fuel prices will not impact public transport fares and air travel costs.
The meeting was attended by Minister for Law and Justice Azam Nazir Tarar, Finance Minister Muhammad Aurangzeb, Minister for Information and Broadcasting Attaullah Tarar, and Minister for Petroleum Ali Pervaiz Malik, along with other senior government officials.
Broader Fuel Price Increases
Earlier on March 6, the federal government had raised petrol and diesel prices by PKR 55 per litre as surging global oil prices, fuelled by the US-Israel war with Iran, putting pressure on domestic energy costs.
The announcement was made by Petroleum Minister Ali Pervaiz Malik in a press conference alongside DPM Ishaq Dar and Finance Minister Muhammad Aurangzeb.
The new price of petrol will be PKR 321.17 per litre from PKR 266.17; whereas, the diesel rate will be PKR 335.86 per litre from PKR 280.86 after the review.
Airline Fare Hikes
Meanwhile, Pakistani airlines on March 10 increased fares following an uptick in jet fuel prices, citing airline sources.
According to these sources, domestic ticket prices have risen by PKR 2,800 to PKR 5,000. This increase applies to flights from Karachi to Lahore, Islamabad, and other domestic stations.
International travel has seen an even more significant jump, with fares increasing by a staggering PKR 10,000 to PKR 28,000. Specifically, fares for flights to Middle Eastern and Central Asian countries have risen by PKR 15,000.
