The price of diesel has been raised by 54.9 per cent to 520.35 Pakistani rupees (USD 1.88) per litre, while petrol prices have shot up by 42.7 per cent to 458.40 Pakistani rupees per litre. The revised rates are currently in effect.
The price surge led to massive protests in Pakistan and long queues at the fuel stations.
Interior Minister Mohsin Naqvi announced free-of-cost travel on state-run public transport in Islamabad for a month. The Pakistani government will bear a whooping cost of 350 million Pakistani rupees to support the measure.
Meanwhile, the Punjab Chief Minister announced both free travel and targeted subsidies for buses and trucks. Maryam Nawaz Sharif, Punjab’s leader, has urged transport operators not to increase fares and promised financial relief as soon as conditions improve.
In Sindh, the Karachi provincial government has announced subsidies for bikers and small farmers to lessen the effect of the rising fuel expenses, the AFP report added.
Protesters have criticised the government for the sudden fuel price hike, calling it a major burden on a population already grappling with the ripple effects of the economic crisis.
Pakistan has been following an austerity drive to conserve fuel amid the global crisis. Last month, the Shehbaz Sharif cabinet introduced a four-day work week for government offices, universities, and extended school holidays and online classes. Even so, protests continue to mar several cities, including Lahore, where citizens demanded an overturn of the fuel price surge.
The International Monetary Fund recently reached an initial deal with Pakistan to provide the country with a USD 1.2 billion support package, the AFP report added.
The ongoing Iran war, and with the Strait of Hormuz blockade, fuel crisis has hit worldwide and led to price rates surging.
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