Pakistan Hikes Fuel Prices Amid Global Concerns

Pakistan raised prices for diesel and petrol, citing rising global oil prices due to Middle Eastern conflicts. The petroleum minister stated that the increase was inevitable, while the finance minister announced subsidies for transportation and small farmers to mitigate the impact.

Amid escalating tensions in the Middle East, Pakistan has announced a significant increase in fuel prices. The cost of diesel has risen to 520.35 rupees ($1.88) per litre, while petrol is now priced at 458.40 rupees per litre.

This decision, described as unavoidable by Pakistan's petroleum minister, comes in response to soaring international oil prices largely influenced by the ongoing conflict between the US and Iran.

To help cushion the economic impact of these hikes, Pakistan's finance minister unveiled subsidies aimed at lowering costs for intercity transport of goods and people, as well as assisting small-scale farmers who may be adversely affected.

(With inputs from agencies.)