Public transport fares increased following sharp hike in petroleum prices

RAWALPINDI: Public transporters have raised fares following a massive increase in petrol and diesel prices, a move that is likely to trigger a fresh wave of inflation across the country.

With the surge in petroleum prices, transport operators in Rawalpindi have significantly increased fares.

Taxi, rickshaw, and online bike-hailing services have raised their fares by up to 35%. Similarly, intercity bus fares in other cities have also been increased by 25 to 30% without official approval.

Transporters stated that the recent increase in petroleum prices is unjustified and that they are unable to reduce fares under the current circumstances.

According to officials, the price of petrol has been increased by Rs138 per litre, bringing the new rate to Rs458.40 per litre. Meanwhile, diesel prices have risen by Rs184 per litre, reaching Rs520.35 per litre.

The sharp hike in fuel prices is expected to significantly impact transportation costs and the prices of essential commodities, raising concerns about further inflationary pressure on the public.

Earlier, a high-level meeting on petroleum prices and targeted subsidy mechanisms was held at the Finance Division under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The meeting was attended by Chief Minister Punjab Maryam Nawaz Sharif (virtually), Chief Minister Sindh Syed Murad Ali Shah (virtually), Chief Minister Balochistan Mir Sarfraz Ahmed Bugti, and Finance Minister Khyber Pakhtunkhwa Muzzammil Aslam (virtually).

Chief Secretaries of all four provinces also participated virtually. Federal Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Economic Affairs Ahad Khan Cheema, and Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja, along with federal secretaries and senior officials from relevant ministries and regulatory authorities, were also in attendance.