An old video of former prime minister Imran Khan has resurfaced where he warns that petrol prices could approach Rs. 500 if war erupted involving Iran.
His prediction came to reality last night after Pakistan witnessed one of the sharpest fuel price increases in its history.
The federal government on Thursday announced a massive increase in petroleum prices, raising petrol by Rs. 137.23 per litre and high-speed diesel (HSD) by Rs. 184.49 per litre. Petrol is now at Rs. 458.40 per litre and HSD at Rs. 520.35 per litre.
Before the increase, petrol was priced at Rs. 321.17 per litre, meaning consumers are now paying over Rs. 137 more per litre. Diesel prices jumped from Rs. 335.86 per litre to above Rs. 520, marking the biggest single adjustment recorded in Pakistan’s history.
The government simultaneously raised the petroleum levy on petrol from Rs. 106 to Rs. 161 per litre. However, the petroleum levy on diesel has effectively been removed apart from a Rs. 2.5 per litre carbon tax.
Data from recent pricing reviews shows a consistent upward trend, with fuel prices increasing in four out of the last six revisions in Pakistan.
The latest hike has revived political debate after past remarks by Imran Khan predicting that a regional war involving Iran could push Pakistan’s petrol prices close to the Rs. 500 mark. We’re still a little off-target by around Rs. 50 per litre, but it’s close.
