Petrol shock in Pakistan! After outrage over ₹152/L, government slashes fuel rates - check latest prices

Recently, oil prices have been volatile amid the ongoing US-Iran tensions, as nearly all nations worldwide face fears of a global oil shortage. This has come amid the closure of the Iran-controlled Strait of Hormuz chokepoint, the main waterway for the passage of crude oil that accounts for almost 30% of the global oil supply.Talking of Pakistan in this situation, the country’s economy has long danced to the tune of imported fuel, taxes, and international tensions. Recently, the nation raised fuel prices significantly, which attracted immense backlash, after which they were brought back down to a more reasonable level. A sudden hike can spike transport costs overnight, making even roti pricier and rides to work a luxury, so what is the current cost of petrol in the neighbouring nation?Pakistan's government was quick to reverse a massive petrol price increase, slashing rates by PKR 80 per litre following widespread outrage over the increase to PKR 378, which is nearly 125.83 INR/litre. This came just a day after announcing a staggering 43% jump, which ignited protests, political criticism, and business warnings over soaring inflation.To ease the strain, officials introduced targeted subsidies for key groups, such as transporters and farmers, though concerns about everyday expenses persist. It all started on April 4, when authorities hiked petrol from PKR 321.17 to PKR 458.41 per litre, making it to a historic 43% rise, while diesel shot up 55%. Officials blamed higher petroleum levies and instability in the Gulf region. But the move backfired instantly.Prime Minister Shehbaz Sharif responded decisively, cutting PKR 80 from the petrol levy and locking the price at PKR 378 for at least a month, according to The Economic Times.According to The Dawn report, demonstrations erupted in cities like Rawalpindi and Khyber Pakhtunkhwa (KP), with people decrying the hit to household wallets. Political figures also joined the criticism, including Awami National Party leader Aimal Wali Khan, who slammed the hike as "harmful to the public," arguing it came more from "government taxes and levies" than pure market forces.The hike triggered chaos: transport fares jumped 20-65%, with freight costs soaring in KP by 65%, per local coveragePrime Minister Shehbaz Sharif introduced targeted relief measures to soften the blow. These include a subsidy of PKR 100 per litre for motorcycles, PKR 70,000 to 80,000 for goods vehicles, and PKR 100,000 for passenger transport vehicles. He also implemented austerity measures, such as suspending cabinet members' salaries for six months. While these actions may temporarily curb sharp rises in transport fares, ongoing fluctuations in global oil prices pose risks of future increases.