Jet fuel prices in Pakistan have surged sharply once again, increasing by Rs 84 per litre to reach a record high of Rs 472 per litre. This marks a dramatic rise of approximately Rs 282 since March 1, when the price stood at Rs 190 per litre. Airlines are reportedly grappling with soaring operational costs, making it difficult to sustain current flight services.
In a significant development, this is the fourth upward revision in jet fuel prices since early March, reflecting the extreme fluctuations in the global energy market. The latest hike is expected to prompt airlines to raise airfares as they pass on the increased fuel expenses to passengers.
Earlier, the government had raised the price of jet fuel (JP-1) by Rs 154 per litre, pushing the cost from Rs 188.93 to Rs 342.37. This 82 percent increase was anticipated to cause airfare increments of at least Rs 5,000. Aviation experts have highlighted that carriers will have no choice but to adjust ticket prices to offset the surge in fuel costs.
Meanwhile, the government also announced a sharp increase in petrol and diesel prices, attributing the decision to rising global oil prices amid escalating tensions in the Middle East. Petrol prices rose by Rs 55 per litre to Rs 321.17, while diesel prices increased from Rs 275.70 to Rs 335.86 per litre.
Deputy Prime Minister and Foreign Minister Ishaq Dar explained that the price hikes followed a surge in international oil prices triggered by a widening conflict in the region, including an attack on Iran and the involvement of Turkey and Azerbaijan over the past 48 hours. Petroleum Minister Ali Pervaiz Malik described the decision as difficult but necessary to meet the country’s energy demands during this challenging period.
In a related development, the International Monetary Fund has urged Pakistan to immediately raise petrol and diesel prices. This demand was made during virtual discussions between Pakistani officials and an IMF delegation, emphasizing the need for adjustments in fuel pricing to stabilize the economy.
