Pakistan Hikes Petrol, Diesel Prices by Rs55 Per Litre Amid Global Oil Surge |
Pakistan’s federal government on Friday announced a sharp increase of Rs55 per litre in the prices of petrol and high-speed diesel, citing soaring global oil prices and supply concerns triggered by escalating conflict in the Middle East.
The announcement was made during a press conference in Islamabad by Petroleum Minister Ali Pervaiz Malik alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.
Following the increase, the ex-depot price of petrol has risen from Rs266.17 to Rs321.17 per litre, while the price of high-speed diesel has been revised from Rs280.86 to Rs335.86 per litre. The new prices will take effect from midnight on Saturday.
Officials said the increase was driven by rising international energy prices linked to the ongoing conflict involving the United States, Israel and Iran, which has disrupted global energy markets and threatened major supply routes.
Addressing the press conference, Dar said petroleum product prices had surged internationally by between 50 and 70 per cent amid the crisis. He said the government had delayed the adjustment for several weeks in an effort to minimise the impact on consumers but ultimately had to pass on part of the increase to ensure supply continuity.
“The prime minister has been carefully reviewing the situation for the past two to three weeks,” Dar said, referring to Prime Minister Shehbaz Sharif. “Our objective was to transfer the minimum possible impact to the end consumer.”
He added that Pakistan had also been engaging diplomatically with other countries in an attempt to de-escalate tensions in the Middle East, though it remained uncertain how long the crisis would last.
Petroleum Minister Malik said the government had taken the “difficult decision” to raise prices to prevent disruptions in fuel supplies. He noted that energy flows through the Strait of Hormuz — one of the world’s most critical oil transit routes — had been affected, forcing authorities to explore alternative supply channels.
According to Malik, Pakistan has sought assistance from Saudi Arabia to route oil shipments through the Red Sea port of Yanbu to maintain stable supplies. Two Pakistan National Shipping Corporation vessels have already been dispatched towards Yanbu and Fujairah to facilitate energy imports.
Finance Minister Aurangzeb said the government was closely monitoring the economic implications of the price hike, including its impact on imports, exports and broader macroeconomic stability. He added that the federal government would hold consultations with provincial governments in the coming days to coordinate implementation and manage demand.
Officials also confirmed that fuel prices would now be reviewed on a weekly basis instead of the previous fortnightly schedule, given the rapidly evolving global situation.