Pakistan's Diesel and Petrol Prices Surge Amid Global Turmoil

Pakistan increased diesel and petrol prices significantly for the second time in a month due to the escalating global oil prices linked to Middle East conflicts. This hike is expected to worsen inflation and affect the impoverished population. Subsidies offer temporary relief but are limited by national resources.

Pakistan announced on Thursday a significant hike in consumer prices for diesel and petrol, marking the second such increase in less than a month. The sharp price rise comes as global oil markets are rattled by the ongoing conflict in the Middle East.

The country's petroleum minister, Ali Pervaiz Malik, explained the necessity of the price hike due to uncontrollable international market conditions following the US-Iran war. Diesel prices have surged by 54.9%, reaching 520.35 rupees per liter, while petrol prices have climbed 42.7% to 458.40 rupees per liter.

In response to growing inflation concerns, the finance minister announced limited subsidies aimed at aiding small farmers, motorcyclists, and intercity transport. However, the government acknowledges these measures are unsustainable due to escalating global oil prices and limited national resources.

(With inputs from agencies.)