ISLAMABAD – The ongoing conflict in the Middle East has sent shockwaves through Pakistan’s economy, prompting the National Price Monitoring Committee (NPMC) to move to a weekly emergency monitoring cycle. On Saturday, Planning Minister Ahsan Iqbal reviewed the sharp increase in petroleum products, which saw petrol prices jump to Rs 458.41 and diesel to Rs 520.35 earlier this month.
The minister warned of a “second-round effect,” where rising logistics and transport costs inevitably bleed into the prices of essential food items like wheat, onions, and potatoes.
Global Crisis, Local Impact:
- Fuel Spike: Recent hikes of 43% for petrol and 55% for diesel due to disruptions in the Strait of Hormuz.
- Logistics Pressure: Average transport fares have risen by 30%, threatening to drive up wholesale food prices.
- Government Response: The NPMC has tasked the Pakistan Bureau of Statistics (PBS) with providing district-wise price rankings to identify and stop profiteering.
Ahsan Iqbal reiterated that the government has already spent billions in subsidies to protect the most vulnerable, including motorcyclists and farmers. He warned market committees that any attempt to hoard supplies or artificially inflate profit margins during this regional crisis would be met with “strict legal action.”
