KARACHI: President of the United Business Group (UBG), Zubair Tufail has expressed serious concern over the sudden increase of Rs 55 per litre in petrol prices, a historic increase of Rs 130.08 per litre in kerosene oil, and an extraordinary rise of Rs154 in jet fuel prices. He urged the government to immediately abolish taxes imposed on petroleum products in the current emergency situation. He said that Pakistan has now become the country with the most expensive petrol in the region, raising fears of a new wave of inflation in the country. The business community has demanded that the government immediately reduce petroleum product prices. Zubair Tufail stated that kerosene oil is widely used by low-income households, yet a petroleum levy of Rs20.36 per litre is imposed on kerosene, while Rs15.84 per litre levy is also charged on light diesel oil. He urged the government to temporarily abolish these levies to provide relief to the public. He further said that Pakistan has surpassed India, Sri Lanka and Bangladesh in petroleum prices. Petrol is being sold at Rs94 per litre in India, Rs293 in Sri Lanka, and 116 Taka in Bangladesh, whereas in Pakistan the price has reached Rs321.17 per litre. This sharp increase will directly affect the poor and middle-income segments of society and lead to a severe surge in inflation. He noted that the impact of the increase has already started to appear, as transporters have announced fare hikes, while goods transporters have also declared a 20 percent increase in freight charges, which will ultimately raise the prices of essential commodities. Zubair Tufail also said that the government has increased the price of JP-1 jet fuel used by commercial aircraft by Rs154 per litre, pushing the price up by 82 percent from Rs188.93 to a record Rs342.37 per litre. This sharp increase may lead to higher airline ticket fares. The UBG President added that rising tensions between the United States and Iran have driven up global petroleum prices, prompting the government to increase domestic fuel prices. However, he stressed that instead of passing the entire burden onto the public; the government should reduce taxes and absorb part of the impact itself. Copyright Business Recorder, 2026