Govt to absorb future fuel price hikes amid Middle East crisis: Ali Pervaiz Malik
Petroleum Minister Ali Pervaiz Malik asserted on Tuesday that there would be no further increases in petroleum prices as the government has resolved to absorb the impact of any future increase in the international market due to the Mideast conflict. Last week, the government announced an increase of Rs55 per litre in petrol and diesel prices following a surge in petroleum costs amid the ongoing Middle East crisis. The closure of the Strait of Hormuz has severely disrupted supply lines across the region, affecting fuel availability and prices globally. Prime Minister Shehbaz Sharif on Monday announced austerity measures, acknowledging that petrol prices were expected to rise internationally in the coming days. However, the premier assured the public that the government would strive to shield them from the full burden of these increases. Read: OGRA dismisses reports of Rs73 petrol, Rs84 diesel hike as 'completely baseless' Speaking in an interview on private telev...