Pakistan Hikes Petrol to Rs458.40, Diesel to Rs520.35
News Desk
Islamabad: Pakistan has sharply increased petroleum prices as global oil markets continue to face pressure from escalating geopolitical tensions in the Middle East, prompting renewed concerns over inflation and economic stability.
Federal Minister for Petroleum Ali Pervaiz Malik announced on Thursday that petrol prices have been raised to Rs458.40 per litre, while high-speed diesel will now cost Rs520.35 per litre. The increase includes a jump of Rs137.23 per litre for petrol and Rs184.49 per litre for diesel.
The announcement was made during a joint press conference with Finance Minister Muhammad Aurangzeb, who outlined the broader economic context behind the decision.
Officials linked the price adjustment to sustained volatility in international energy markets following recent developments in the Middle East, where conflict has disrupted supply chains and pushed crude oil prices higher.
The situation has been further complicated by instability in key shipping routes, including the Strait of Hormuz, through which a significant portion of global oil trade passes.
The government said the rising cost of imported fuel has left little room to absorb international price fluctuations. Petroleum Minister Malik noted that crude oil prices have surged in global markets in recent weeks, with diesel rates crossing historically high levels.
Read More: https://thepenpk.com/which-countries-are-most-affected-by-the-middle-east-oil-shock/
He added that several countries have already begun adopting energy conservation strategies and emergency measures in response to tightening global supply conditions.
Pakistan, which relies heavily on imported fuel, has already introduced austerity and fuel-saving initiatives in recent months. Authorities had previously increased fuel prices and maintained them during recent weekly reviews before implementing the latest adjustment.
Officials further explained that the government has been attempting to balance fiscal pressures while limiting the impact on consumers. Malik said efforts have been made to manage expenditures and reduce the burden on the public, though he acknowledged that global market conditions have constrained policy options.
On subsidy policy, the government indicated a shift away from broad-based subsidies toward targeted assistance. According to officials, support will now be directed toward vulnerable segments of society rather than applying blanket subsidies that may not effectively shield consumers from international price shocks.
The development comes as Pakistan continues to navigate economic challenges linked to external pressures, including rising energy costs and dependence on imported fuel, while global uncertainty continues to influence domestic pricing decisions.
