ISLAMABAD: The government has announced a significant hike in fuel and diesel prices, which is expected to spark a new wave of inflation across the country.
Ali Pervaiz Malik, Minister of State for Finance, made the news during a press conference, flanked by Federal Finance Minister Muhammad Aurangzeb.
According to authorities, the fuel price has increased by Rs138 per litre, bringing the new cost to Rs458.40 per litre. Meanwhile, fuel prices have risen by Rs184 per litre, to Rs520.35 per litre.
The steep increase in gasoline prices is projected to have a substantial impact on transportation expenses and vital goods, creating worries about additional inflationary pressures on the public.
Earlier, the Federal Government of Pakistan and the top political leadership of the provinces held a high-level meeting on petroleum prices and targeted subsidy modalities at the Finance Division, chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue.
The meeting was attended by the Chief Minister of Punjab, Ms. Maryam Nawaz Sharif (virtually), the Chief Minister of Sindh, Syed Murad Ali Shah (virtually), the Chief Minister of Balochistan, Mir Sarfraz Ahmed Bugti, and the Finance Minister of Khyber Pakhtunkhwa, Mr. Muzzammil Aslam.
