Residents in Pakistan say they are feeling "crushed" and have to put filling up the tank before putting food on the table. Diesel is set to rise by 55% and petrol 43% as the government hike prices for the second time in a month.
In a televised address to the nation, Pakistan's petroleum minister Ali Pervaiz Malik, said “The decision taken today is that, in line with international market trends, the price of petrol will be increased, with the new rate set at Rs458.40 per litre ($1.63) effective tomorrow. At the same time, efforts have been made to keep any increase in diesel - which is critical for farmers and public transport - to a minimum, with its new price set at Rs520.35 per litre ($1.85)."
The price rise comes as the Strait of Hormuz is effectively shut, causing shipments of critical fuel and energy to be delayed or stopped altogether.
Pakistan's government recently announced a Rs 129-billion ($461,291,062) fuel subsidy to help offset the rising costs, but officials say it is no longer affordable.
The price of diesel would be raised by 54.9% to 520.35 rupees ($1.88) per litre, and petrol by 42.7% to 458.40 rupees per litre.
Lahore resident Kaif Ahmed told the media, “Alright, there may be a war going on, but shouldn’t we also think about our people? Petrol has reached Rs460 per litre ($1.64), what is a poor man supposed to do? Someone earning Rs20,000 - 25,000 ($71.38 - $89.37) a month relies on his bike for work. What will he do now? All his money goes into petrol; he has three children, and there’s hunger at home, his family is going without food.”
Another said people in poverty are suffering harder than before. "Whatever good the government had done was undone after the outbreak of the Iran war, and that the poor man had been crushed", said Mohammad Haris.
Karachi resident Mohammad Kashif said the price hike was "an injustice", adding that instead of shifting its burden onto the public, the government should have borne some of it itself.
Pakistan imports oil mainly from Saudi Arabia and the UAE through the Strait of Hormuz.
Oil prices globally have increased due to the war with Brent Crude oil remaining above $100 a barrel for the last week.
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Pakistan is holding talks with Afghanistan to end the worst conflict between the South Asian neighbours since the Taliban returned to power in 2021, Pakistan's Foreign Ministry spokesperson said on Thursday.
Afghanistan’s Ministry of Mines and Petroleum says around 25 kilometres of the TAPI gas pipeline have been laid in Herat province, as work continues on one of the region’s largest energy projects.
Turkish Foreign Minister Hakan Fidan joined high-level talks in Islamabad over the weekend as part of an intensified four-way diplomatic effort to end the ongoing regional conflict, now in its second month.
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