Record Fuel Price Hikes Hit Pakistan

The Pakistani government has announced a staggering increase in fuel prices, raising gasoline by nearly 43% and diesel by 55% as a direct result of the escalating global oil crisis. Oil Minister Ali Parwaiz Malik stated the massive hikes were unavoidable due to surging international energy costs triggered by the ongoing conflict involving the US, Israel, and Iran. The wider Middle East crisis, characterized by shipping restrictions in the Strait of Hormuz and strikes on Gulf refineries, continues to send severe shockwaves through global energy markets. Anticipating the financial blow, panicked motorists across major cities like Karachi and Lahore formed massive overnight queues at gas stations to fill their tanks before the new rates took effect.