The federal government has announced massive increase in the prices of petrol and High Speed Diesel (HSP) during the last hour of Friday 6, March. The Prices increases by Rs. 55 per litre p
New price of high speed diesel is now Rs. 335.86/ litre while the price of petrol is now Rs.321.17/ litre.
The government has already increase the prices of high speed diesel and petrol last week in their latest revision.
Congress Announcement
This was announced by Deputy Prime Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, and Federal Petroleum Minister Ali Pervez Malik during a press conference at 11pm.
This revised price will take effect immediately on Saturday 7 March.
Real Cause Of price Hike
The price increase comes after rising tensions in the Middle East created panic in global commodity markets. However, the International Monetary Fund (IMF) also urged the federal government to pass the rising petroleum costs directly to consumers and avoid giving any subsidies to peoples on petrol and diesel.
This Massive hike is due to the middle east tension. Iran block the State of Hormos from where almost 20% of world supply of petroleum passes. Pakistan have only 25 days petrol reserves. Almost 80% of petroleum passes from State of Hormos to Pakistan. Federal Government are trying to get petrol from alternative route.
Federal Government decided to give one petrol pump supply to two to reduce petrol conaumption.
Peoples Reaction
Pakistani peoples are now in line to get petrol. Petrol set a range of petrol for Cars and motorcycle. They refill only the petrol price of Rs. 2000 tk Cars and Rs. 600 to bikes. Everyone is in panic, what will happen next. If this shortage continues we will face serious energy crisis.
