Jet fuel hits record high of Rs476.97 after govt raises price for fifth time

The government on Saturday increased the price of jet fuel for commercial passenger aircraft for the fifth time in 28 days, citing the oil crisis following the conflict between the United States, Israel and Iran, pushing rates to a record high. Just a day earlier, authorities had raised the price by Rs83 per litre, while airlines in Pakistan had already increased fares, citing a shortage of jet fuel and limited oil reserves. According to a statement by Pakistan State Oil on Saturday, the price of jet fuel was increased by Rs5 per litre, bringing the new price to Rs476.97 per litre. Since March 1, the price has surged by Rs288 per litre, up from Rs188 per litre at the beginning of the month. The rise in jet fuel prices is expected to increase operating costs for airlines and could lead to further increases in ticket prices for passengers. Fares on routes between Karachi, Islamabad and Lahore, as well as other stations, have seen notable increases. One-way fares from Karachi to Islamabad and Lahore have reached up to Rs40,000. Fares for “chance seats” on routes to Lahore and Islamabad have increased by up to 150%. Airlines are now charging more than Rs50,000 for one-way “chance seat” tickets on domestic routes, including Islamabad, Lahore and Karachi. Read More: FinMin says targeted relief package for deserving segments on cards International ticket prices have also risen, with economy class fares to the Middle East, Toronto, Paris and Manchester ranging between Rs300,000 and Rs700,000. Last week, the government had also approved a significant Rs200 per litre increase in the fuel levy on high-octane used in luxury vehicles. The sharp increase in diesel and petrol prices earlier this month had already intensified the cost of living, with residents facing higher transport fares and rising prices for daily-use items. People also reported disputes at petrol pumps, where attendants were refusing to dispense fuel worth less than one litre. The rise in petrol prices also pushed up the cost of fruits, vegetables and other daily necessities. Drivers providing pick-and-drop services for schoolchildren had also raised their fares, with residents saying the entire burden had shifted to the public.