Islamabad: The Federal Government has announced an increase in the prices of petroleum products due to record high prices in the international market. The announcement was made by Minister for Petroleum Ali Pervaiz Malik during a news conference in Islamabad, alongside Minister for Finance and Revenue Muhammad Aurangzeb.

According to Radio Pakistan, Ali Pervaiz Malik stated that oil prices have increased significantly in the international market because of the ongoing war in the Middle East. He emphasized that the conflict has impacted not only the region but the entire world. Consequently, the government is now focusing on targeted subsidies to better protect the most vulnerable segments of society. This adjustment in strategy follows the continuous surge in international oil prices, which necessitated the price increase, bringing petrol to 458.40 rupees per liter and diesel to 520.35 rupees per liter.

The Minister further explained that the federal government has saved one hundred twenty-nine billion rupees through various austerity measures. These savings are intended to minimize the direct impact of global price hikes on the general population. During the news conference, Finance Minister Muhammad Aurangzeb announced the implementation of a “Targeted Subsidy Program” to support the poor and middle class. The government plans to provide assistance of one hundred rupees per liter for motorcyclists, capped at twenty liters per month, for the next three months.

Additionally, a one-time subsidy of fifteen hundred rupees per acre will be provided to small farmers for harvesting. Inter-city public transport and freight transport will receive a one hundred rupees per liter subsidy for one month. Trucks will receive seventy-thousand rupees per month, while heavy-duty vehicles will receive eighty-thousand rupees. A subsidy of one hundred thousand rupees will also be given to passenger or public service buses, with a review of these subsidies planned for the following month.

The government will extend support to Pakistan Railways to help reduce fares for the lower class. Furthermore, the Finance Minister mentioned the consideration of revised market timings, which are expected to be implemented next week following consultations with provincial governments.