If oil hits $120 per barrel, will petrol rise to Rs500 per litre? KP finance adviser Muzammil Aslam asks

Khyber Pakhtunkhwa Finance Adviser Muzammil Aslam has criticised the federal government’s decision to raise petroleum prices by Rs55 per litre, warning that the move would further burden already struggling citizens.

In a statement, Aslam said the government had increased the prices of petroleum products while maintaining existing taxes and the petroleum development levy.

He claimed that the development levy on petroleum products had exceeded Rs100 per litre, adding that the new prices had pushed fuel rates to record levels.

According to him, petrol has risen to Rs321 per litre while diesel now costs Rs335 per litre, which he described as the highest prices in the country’s history.

Aslam said the steep increase would create serious difficulties for low-income households already facing economic hardship.

He added that poverty in the country had reached around 45 per cent, while unemployment was at its highest level in 21 years. The adviser also questioned the government’s pricing strategy, noting that global oil prices were currently around $80 per barrel.

“If international oil prices rise to $120 per barrel, will the government increase petrol prices to Rs500 per litre?” he asked.