Islamabad: Pakistan has seen a sharp spike in petrol and diesel prices amid concerns over fuel supply disruptions linked to the ongoing conflict involving Iran.
According to the report, Iran has blocked the Strait of Hormuz sea route used by crude oil tankers in response to continued attacks by US and Israeli forces. The move has triggered fears of shortages in countries including Pakistan and Sri Lanka, prompting crowds to rush to fuel stations.
In Pakistan, some petrol pumps are alleged to have taken advantage of the situation by creating an artificial shortage and hoarding fuel, causing hardship in several cities and fuelling public anger against the government.
Prime Minister Shehbaz Sharif has ordered strict action against outlets found creating artificial scarcity. Authorities have been directed to cancel licences, seal such stations and initiate legal proceedings.
Meanwhile, petrol prices have increased by Rs 55 per litre to Rs 321.17, a rise of 17%. Diesel has also gone up by Rs 55 to Rs 335 per litre, a 20% increase. Pakistan’s Petroleum Ministry said the country has 28 days of petrol and diesel stocks, along with 10 days of crude oil and 15 days of cooking gas, urging people not to panic-buy or stockpile.
