ISLAMABAD: Pakistan has witnessed an unprecedented surge in fuel prices, deepening public frustration and raising concerns over the country’s economic stability.
On Thursday, the government announced a 43% hike in petrol prices, bringing the cost to Rs458.40 per litre, and a 55% increase in diesel prices, which now stand at Rs520.35 per litre. These price adjustments come amid rising global oil rates, largely influenced by the ongoing US-Israel conflict in Iran, which has intensified pressures on Pakistan’s already fragile economy.
Petroleum Minister Ali Pervaiz Malik, joined by Finance Minister Muhammad Aurangzeb, detailed the increases, amounting to Rs137.23 per litre for petrol and Rs184.49 for High Speed Diesel (HSD). The government also introduced a temporary three-month subsidy to shield low- and middle-income groups from the immediate impact. However, many critics argue that such relief is insufficient to address the broader economic strain.
Former Finance Minister Miftah Ismail criticized the move, highlighting that the simultaneous increase in the petroleum levy and petrol price effectively burdens consumers by Rs134 per litre. “The government claims it wants to lift the burden off people, but this policy does the opposite,” Ismail remarked. Social media has amplified public outrage, with prominent political figures and commentators warning of worsening inflation.
Khawaja Saad Rafique of PML-N expressed concern about the policy’s effect on everyday citizens, stating, “While fulfilling IMF obligations, the poor will die, and the middle class will slide below the poverty line.” Similarly, Asad Umar, ex-finance minister, noted that fuel prices in Pakistan now surpass those in India by 48% for petrol and 92% for diesel, attributing the steep rates to the government’s reluctance to tax the wealthy and shifting the burden onto middle- and working-class citizens.
Columnist Ali Moeen Nawazish warned that the hikes could trigger irreversible increases in living costs, affecting food, groceries, and transportation, even after global oil prices normalize. Journalist Wajahat Kazmi clarified that although Pakistani tankers navigate the Strait of Hormuz, this does not result in discounts, as crude must still be purchased at high international rates.
As Pakistan grapples with record fuel prices, public discontent continues to mount, highlighting the urgent need for policies that balance global economic pressures with domestic affordability and social equity.
