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Pakistan raises jet fuel price by PKR 40.35 per litre amid global oil market volatility
Pakistan has increased jet fuel prices by PKR 40.35 per litre, reaching PKR 291.55. This follows a previous hike, bringing the total increase to PKR 53.58 in two weeks. Rising international oil prices and geopolitical tensions are cited as reasons for the fuel cost increase.
ANI
Karachi: Pakistan has increased the price of jet fuel used by commercial airlines by PKR 40.35 per litre, taking the latest price to PKR 291.55 per litre, The Express Tribune reported, citing
According to The Express Tribune, the increase is expected to raise operating costs for airlines and may lead to higher airfares.
st two weeks after a previous hike, bringing the cumulative increase in jet fuel prices over the past fortnight to PKR 53.58 per litre. The rise has been attributed to increasing international oil prices amid ongoing geopolitical tensions
The higher aairlines, as fuel costs account for a significant portion of their operational expenses. Industryces to manage the impact of rising costs
The development comes after the Pakistgovernment announced a shift to daily petroleum price reviews, replacing the earlier weekly pricing mechanism, The Express Tribune reported.
The decision was taken amid renewed volatility in global energy markets following escalating tensions between the United States and Iran.
Under the revised pricing system, the government also increased the ex-depot price of High-Speed Diesel (HSD) by PKR 31.05 per litre, from PKR 323.30 to PKR 354.35 per litre. The price of petrol was raised by PKR 5.44 per litre, from PKR 310.71 to PKR 316.15 per litre. The revised rates came into effect from July 18, The Express Tribune reported.
Officials said the daily review mechanism would allow domestic fuel prices to respond more quickly to fluctuations in international oil markets while reducing the risk of supply disruptions and speculative hoarding.
Pakistan had earlier revised fuel prices on a fortnightly basis before moving to weekly adjustments during the initial phase of the US-Iran conflict. However, with tensions rising again and concerns growing over possible disruptions to oil shipments through the Strait of Hormuz, authorities decided to introduce daily revisions.
The latest increase in jet fuel prices is expected to impact Pakistan’s aerational expenses. Airlines may need to reassess fares and other costs if global oil prices remain elevated.
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