ISLAMABAD: The government has announced an exorbitant increase in petrol and diesel prices, taking the petrol price from Rs. 322 to Rs. 458.40 per litre.
Federal Minister for Petroleum, Ali Parvez Malik, along with the Finance Minister, made the announcement during a press conference, citing rising global oil prices as the primary reason behind the hike.
Addressing the media, the minister said that the ongoing conflict in the region has engulfed energy markets, causing a sharp surge in crude oil prices. He noted that the government was left with no option but to take difficult and responsible decisions.
Ali Parvez Malik further stated that the Prime Minister has already introduced austerity measures, including salary cuts for cabinet members, to reduce government expenditures.
He emphasized that the country is going through a challenging phase and called for national unity to tackle the economic pressures arising from the global energy crisis.
