Earlier this month, govt increased petrol, diesel prices by Rs55 per litre citing ongoing US-Israel and Iran conflict
Prime Minister Shehbaz Sharif speaks in a video address. — SCREENGRAB
Prime Minister Shehbaz Sharif is set to address the nation at 9pm today on the ongoing Middle East conflict, resulting in a potential fuel crisis.
Earlier this month, the government sharply increased diesel and petrol prices by Rs55 per litre, or 20 per cent, citing the ongoing US-Israel and Iran conflict, which has disrupted global supply chains and pushed crude oil prices to a two-year high.
In response to the crisis, both federal and provincial governments have introduced a series of austerity measures. These include an additional weekly holiday, reduction in free petrol allocations for ministers, curbs on protocol vehicles, and proposals to provide subsidised fuel for students.
Last week, the government also approved a significant increase of Rs200 per litre in the fuel levy on high-octane fuel used in luxury vehicles, raising the total levy to Rs300 per litre and the price to Rs600 per litre.
