Pakistan's government raised jet fuel prices for the fifth time in 28 days, pushing the cost to a record PKR 476.97/litre. The hike, linked to the West Asia conflict, has caused a sharp rise in domestic and international airfares.
The Government of Pakistan on Saturday raised the price of jet fuel for commercial passenger aircraft for the fifth time in just 28 days, attributing the sharp increase to the ongoing oil crisis triggered by the ongoing conflict in West Asia, The Express Tribune reported.
According to The Express Tribune, citing a statement, Pakistan State Oil said the latest hike of PKR 5 per litre took jet fuel to a record PKR 476.97 per litre. Since March 1, the price has surged by PKR 288 per litre, up from PKR 188 at the beginning of the month amid volatile global energy markets.
Impact on Air Travel and Fares
The surge in aviation fuel costs has already prompted airlines to raise ticket prices, officials and industry sources said, pointing to a shortage of jet fuel and limited oil reserves as key factors driving the increases. Industry experts warned that higher jet fuel prices would further inflate operating costs for carriers, likely resulting in additional hikes in passenger fares, The Express Tribune reported.
Domestic and International Fares Soar
Domestic one-way fares on major routes such as Karachi-Islamabad and Karachi-Lahore are reportedly reaching up to PKR 40,000, with "chance seat" tickets climbing by as much as 150 per cent, The Express Tribune reported. International economy class fares to destinations including the Middle East, Toronto, Paris and Manchester have also risen sharply, ranging between approximately PKR 300,000 and PKR 700,000.
Broader Economic Impact and Inflationary Pressures
The jet fuel price escalation comes alongside other fuel tax changes, including a PKR 200 per litre increase in the fuel levy on high-octane petrol used in luxury vehicles, adding to inflationary pressures, The Express Tribune reported.
Pakistan's broader fuel price hikes, coupled with rising diesel and petrol costs earlier this month, have intensified the cost of living, pushing up transport fares and prices for daily necessities such as fruits and vegetables. Reports of disputes at petrol pumps, where attendants allegedly refused to dispense fuel in quantities less than one litre, have also emerged amid the cost pressures. (ANI)
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