The government has announced a significant increase in the prices of petroleum products, raising the cost of petrol and diesel across the country. Officials say the decision was taken due to the sharp rise in global energy prices.

Federal Minister for Petroleum Ali Pervaiz Malik made the announcement during a press conference alongside Finance Minister Muhammad Aurangzeb. He said the government was forced to take difficult but responsible decisions because of the changing situation in the region.

According to the minister, the ongoing conflict in the Gulf region has created a major shock in global energy markets. As a result, fuel prices have surged worldwide and many countries are now facing serious economic pressure.

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Ali Pervaiz Malik said crude oil prices in the international market have crossed 250 dollars per barrel. He explained that tensions and conflict in the Gulf region have been worsening for several weeks, creating uncertainty in the global oil supply.

He added that the government has been trying to reduce the financial burden on citizens by adopting austerity measures. As part of these steps, about 60 percent of government vehicles have been grounded and unnecessary spending has been reduced.

Despite these cost-cutting efforts, the government said it could no longer avoid increasing fuel prices due to the sharp rise in international oil costs.

Under the new decision, the price of petrol has been set at Rs458.40 per litre, while the price of diesel has been fixed at Rs520.35 per litre.

Officials said the government will continue monitoring the global oil market and will review prices again if international conditions change.

The increase in fuel prices is likely to affect transportation costs, goods prices and overall inflation, which may put additional pressure on households and businesses.