Editor Report
ISLAMABAD: Federal Minister for Petroleum, Ali Pervaiz Malik, on Thursday announced an increase in petroleum prices, raising petrol to Rs458.40 per litre and high-speed diesel to Rs520.35 per litre.Addressing a press conference alongside Finance Minister Muhammad Aurangzeb, he said that the government could not provide blanket subsidies to all segments of society and would instead focus on targeted protection for vulnerable groups.He pointed out that crude oil prices in the Dubai and Oman markets—where Pakistan procures around 80 per cent of its energy supplies—had surged to record highs. Crude oil and diesel prices, he said, had reached historic levels, crossing the $250 mark.He stressed the need to maintain economic stability and avoid slipping back into a financial crisis, noting that recent gains had been achieved through sustained efforts by the government.The minister said the government had attempted to balance relief measures with fiscal constraints, adding that resources remain limited and global uncertainties persist.He said that, in the absence of any immediate resolution to ongoing international pressures, the government was compelled to pass on the price adjustments in line with its commitments and obligations.He reiterated that while efforts had been made to shield the public—particularly through partial protections—the prevailing economic situation necessitated difficult decisions to ensure long-term stability.The minister expressed gratitude to the country’s leadership, including President Asif Ali Zardari, provincial chief ministers, and coalition partners, for their guidance at a critical juncture as the government moves toward key economic decisions.He said the leadership had played a crucial role in steering the government through a sensitive phase, helping shape decisions expected to have far-reaching impacts on the national economy.
