Commodities
Petrol Prices Could Reach Rs1,000 Per Litre Amid Global Volatility
Petroleum Minister Ali Pervaiz Malik has warned that petrol prices in Pakistan could reach Rs1,000 per litre if a fuel shortage emerges.
The warning comes as global oil prices continue to surge amid renewed hostilities in the Middle East and Houthi attacks on Saudi Arabia's civilian and economic infrastructure.
Petrol prices have already risen by 50% in Pakistan, with prices in Europe and the United States also climbing sharply.
The government is providing relief to vulnerable segments of society through a special scheme launched by Prime Minister Shehbaz Sharif, which provides Rs100 per litre discount on petrol for motorcyclists, rickshaw and Chingchi owners and drivers of vehicles up to 800cc.