Pakistan suffers BIG hit due to Middle East War as petrol prices take massive hike

New Delhi: The ongoing war in Iran has triggered a global energy crisis. Neighboring Pakistan was among the first to experience its impact. The Shahbaz Sharif government has increased the price of petrol and high-speed diesel by 55 Pakistani rupees per liter, the largest increase to date. Pakistani government ministers announced the increased petrol prices on Friday night, reassuring their public that the country has sufficient petroleum reserves.

How has Iran war affected Pakistan?

According to a report in the Pakistani newspaper Dawn, following this increase by the Sharif government, the ex-depot price of high-speed diesel has been fixed at 335.86 Pakistani rupees per liter for the coming week, up from 280.86 rupees per liter previously, representing an increase of approximately 20 percent. Similarly, the ex-depot price of petrol has been increased from 266.17 rupees per liter to 321.17 rupees per liter, representing an increase of approximately 17 percent.

Pakistan's Petroleum Minister Ali Pervez Malik said the ongoing conflict in West Asia has created uncertainty across the region, impacting global energy supplies and prices. Pakistan's oil supply is heavily dependent on the Strait of Hormuz, and the current situation has affected this supply. He said, "The fire that started in a neighboring country has now spread to the entire region. We don't know how long this crisis will last, and there is no clear timeline for its end. However, two vessels are arriving via alternative routes to supply Pakistan with oil."

How is Pakistan government dealing with the situation?

The minister stated that the government is closely monitoring the supply situation. He also issued a stern warning to those who hoard or create artificial shortages during this crisis. Malik said that the government will continuously review petrol prices weekly in line with the global oil market. As soon as the international situation improves, prices will be reduced as quickly as possible.

Earlier, Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar said that the crisis has caused a 50 to 70 percent increase in global oil prices. He said, "Prices increase automatically in many countries, but we have tried to minimize the burden on consumers and find a balanced solution." Finance Minister Aurangzeb reiterated that Pakistan currently has "sufficient" petroleum reserves and the country's economic situation is stable. However, he added that policymakers We will keep a constant watch on the situation.