Finance Minister Nirmala Sitharaman has said that the recent Middle Eastern crisis, fuel prices, and fragmentation of global supply chains remain major concerns for emerging markets.
LHC Justice Tanveer Sultan sought a response from the Pakistan government while hearing the plea challenging the recent increase in the prices of petroleum products.
Transporters have expressed their readiness to unilaterally raise fares or initiate a wheel-jam strike if the government does not backtrack on the oil price increase.
Drivers in Afghanistan have criticised the hike in the price of petrol in the country's markets, claiming that it is harming their work and have therefore, urged the Taliban to pay attention to it, TOLOnews reported.
Following another big spike in fuel costs, local transporters in Karachi have unilaterally increased fares by up to (PKR) 30 without consulting the authorities, ARY News reported on Friday.
Traders, transporters in Pakistan’s Khyber Pakhtunkhwa have rejected the unprecedented increase in prices of petroleum products and have demanded the caretaker prime minister, Anwarul Haq, to withdraw the decision, Dawn reported.
Business leaders said that the trade and industry are also battling to survive the increase in power tariff by almost Rs 10 per unit and they would not be able to survive the increase in the prices of petrol and diesel by Rs 17.50 and Rs 20 per litre, respectively.
Following the increase in fuel prices, local transport companies unilaterally increased fares by up to 20 per cent without consulting the authorities, reported ARY News.
The recent increase in airfare noticed in India was driven by seasonality, demand-supply constraints, besides the rise in fuel prices, Union Minister of Civil Aviation Jyotiraditya Scindia informed Parliament on Thursday.