Karachi, Pakistan — Web Desk: The Pakistani government has announced a sharp increase in petroleum product prices, raising the cost of petrol and diesel by Rs55 per litre, citing soaring global oil prices and rising geopolitical tensions in the Middle East.
The new prices took effect from midnight, while officials also announced that petroleum prices will now be reviewed and adjusted weekly based on international market trends.
The announcement was made during a joint press conference by the Deputy Prime Minister alongside the Finance Minister and the Petroleum Minister.
Officials said the decision was taken after global oil prices surged significantly following escalating tensions in the Middle East, which have disrupted energy markets and increased fuel costs worldwide.
According to the government, international petroleum prices have risen by up to 50 percent in recent weeks, forcing Pakistan to revise domestic fuel prices despite efforts to limit the burden on consumers.
The Deputy Prime Minister said Prime Minister Shehbaz Sharif had formed a high-level committee to monitor the situation and recommend measures to reduce the impact on the public.
“We are reviewing global oil prices on a daily basis to ensure that the burden on citizens remains as low as possible,” he said.
Government Monitoring Energy Situation
Finance Minister Muhammad Aurangzeb said the committee had been working for the past five days and was closely monitoring global energy markets.
He added that representatives from the State Bank of Pakistan, the Petroleum Division, and other key institutions were participating in the meetings.
“Energy prices have a direct impact on Pakistan’s economy, trade, and inflation. We are closely evaluating the economic effects, including on imports and exports,” he said.
Aurangzeb noted that Pakistan currently holds sufficient petroleum reserves, but warned that the situation could change if global tensions persist.
The committee is also expected to hold meetings with provincial chief ministers and chief secretaries to assess the broader economic impact and consider possible relief measures.
Regional Tensions Driving Energy Crisis
Petroleum Minister Ali Pervaiz Malik said the government was dealing with extraordinary global circumstances, pointing to regional instability affecting energy supply chains.
“The conflict in neighboring regions has engulfed the entire area, and the key question is how long this crisis will continue,” he said.
He added that a significant portion of Pakistan’s energy imports passes through the Strait of Hormuz, a critical global oil shipping route.
To secure supplies, Pakistan has contacted Saudi Arabia, and two oil tankers carrying crude oil are already en route to the country, officials said.
Authorities are also working with the Pakistan National Shipping Corporation (PNSC) to ensure stable supply in case disruptions occur.
New Petrol and Diesel Prices
Following the latest increase:
- Petrol price: Rs321.17 per litre
- Diesel price: Rs335.86 per litre
Officials said the government would continue weekly price adjustments depending on global market conditions.
They also warned fuel retailers against hoarding, price manipulation, or shutting down pumps, saying strict action would be taken against violations.
