Petrol & diesel prices go up by Rs 55 per litre in Pak

New Delhi: Petrol and diesel prices in Pakistan have shot up by nearly Rs 55 per litre after the outbreak of the Iran war, which reflects the energy import trap that the country has been stuck in during recent years, according to a report in the Pakistani media. As global oil prices surge and shipping costs rise due to war premiums and security risks, Pakistan has little choice but to pass the increase on to consumers. But the uncomfortable reality is that the Rs 55 per litre hike may only be the beginning, according to the report in the Karachi-based Business Recorder.

If the conflict persists, the increase in oil prices will lead to higher transport costs, rising food prices, accelerating inflation, and a significant rise in the cost of doing business.