ISLAMABAD, March 8 (Alliance News): The government has significantly increased the price of jet fuel used by commercial aircraft, raising it by Rs154 per litre in one of the largest hikes in recent years.
Following the increase, the price of jet fuel has surged from Rs188.93 to Rs342.37 per litre, marking an increase of about 82 percent. The sharp rise comes after the government recently raised petrol and diesel prices by Rs55 per litre amid growing concerns over global fuel supply disruptions.
The increase follows escalating tensions in the Middle East after a United States and Israeli attack on Iran and Tehran’s subsequent announcement of the closure of the Strait of Hormuz, a key global oil shipping route. The development has pushed global oil prices higher and raised concerns about disruptions to energy supplies.
The steep rise in aviation fuel costs is expected to increase operational expenses for airlines, which may lead to an increase in airfares by up to Rs5,000 on domestic routes.
Meanwhile, Pakistan Railways has also announced an increase in fares after diesel prices rose by nearly 20 percent. According to a railway spokesperson, fares for economy class passenger trains have been increased by five percent, while air-conditioned class fares have been raised by 10 percent.
The spokesperson added that the railways department will absorb some of the additional operational costs for passenger services, while freight train charges have been increased by 20 percent.
The revised fares will come into effect from March 9 for both passenger and freight trains. However, the changes will not apply to tickets that have already been booked.
Pakistan has started to feel the direct economic impact of the ongoing conflict involving the United States, Israel and Iran, as tensions in the Gulf region push global oil prices upward and threaten vital energy supply routes.
Being heavily dependent on imported fuel, Pakistan faces rising costs amid fears of disruptions to shipments passing through the Strait of Hormuz.
Amid the uncertainty, Pakistan has sought an alternative supply route through Saudi Arabia’s Red Sea port of Yanbu after Iran announced the closure of the key oil transit corridor.
The request was made by Petroleum Minister Ali Pervaiz Malik during a meeting with Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki, who assured that fuel supplies could be facilitated through the port if needed.
In another development, the University of Karachi has decided to shift morning classes online to facilitate students amid potential transportation disruptions caused by the sharp rise in petroleum prices.
In a notification issued on Saturday, the university said the decision was taken to ensure convenience for students as transportation constraints are expected following the recent increase in fuel prices. The administration also announced that morning classes will remain online from March 9 until the end of the holy month of Ramadan.
