ISLAMABAD - In a massive blow to the inflation-hit public, the federal government has announced an unprecedented increase in petroleum prices. The price of petrol has been hiked by Rs 137.23, bringing the new rate to Rs 458.40 per litre, while high-speed diesel has seen a staggering jump of Rs 184.49, now priced at Rs 520.35 per litre.

The announcement was made by Finance Minister Muhammad Aurangzeb during a joint press conference with Petroleum Minister Ali Pervaiz Malik in Islamabad. The ministers clarified that the global energy crisis and the surge in international crude oil prices, which have crossed $250 per barrel due to the Iran conflict, left the government with no choice but to take these "tough and responsible" decisions.

Minister for Petroleum Ali Pervaiz Malik highlighted that the entire region is currently facing a severe energy meltdown. He noted that even major oil-producing nations are struggling with fuel shortages, leading to the deployment of armed forces at fuel depots and petrol pumps. He emphasized that the government is working tirelessly to prevent the situation from worsening further within Pakistan.

To mitigate the impact on the common man, Finance Minister Muhammad Aurangzeb unveiled a comprehensive relief package. Under this plan, motorcycle owners will receive a subsidy of Rs 100 per litre on 20 litres of petrol monthly for the next three months. Additionally, inter-city public transport and freight vehicles will also be eligible for a Rs 100 per litre subsidy on diesel to keep essential transport costs manageable.

The government has also extended financial support to the logistics and agriculture sectors. Freight trucks will receive a monthly subsidy of Rs 70,000, large carriers Rs 80,000, and passenger buses Rs 100,000. Small-scale farmers are set to receive a one-time grant of Rs 1,500 during the harvest season to assist with operational costs.

In a significant policy shift aimed at energy conservation, the Finance Minister announced that markets nationwide will now operate during daylight hours only. This measure is intended to significantly reduce electricity and fuel consumption. The final schedule for market timings will be decided by next week following consultations with provincial governments.

The government plans to review the subsidy mechanism after one month and is also considering relief measures for railway passengers to assist the lower-income segments of society.

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