Petrol, Diesel Prices Raised by Rs55/Litre Amid Global Oil Surge
News Desk
Islamabad: The federal government has sharply increased the prices of petrol and high-speed diesel by Rs55 per litre, citing a steep rise in global oil prices driven by the ongoing US-Israel war with Iran and disruptions to international energy supply routes.
The announcement was made by Petroleum Minister Ali Pervaiz Malik during a press conference alongside Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.
Following the revision, the price of petrol has increased from Rs266.17 to Rs321.17 per litre, while the price of high-speed diesel has risen from Rs280.86 to Rs335.86 per litre.
This marks the first weekly review of petroleum prices after the government moved away from the earlier fortnightly adjustment mechanism, amid heightened uncertainty in global energy markets following Iran’s closure of the Strait of Hormuz, a key route for global oil shipments.
The government has also revised the petroleum development levy (PDL). The levy on petrol has been increased from Rs84.40 to Rs105 per litre, while the levy on high-speed diesel has been reduced from Rs76.21 to Rs55 per litre.
Speaking at the press conference, Malik said the decision was taken after careful consideration of rapidly evolving global market conditions.
Read More: https://thepenpk.com/pm-shehbaz-approves-weekly-pricing-for-petroleum-products/
“We are passing through extraordinary circumstances,” he said, adding that the government would review fuel prices on a weekly basis and reduce them promptly once international prices stabilise.
The minister said authorities had been safeguarding petroleum reserves in recent weeks to ensure uninterrupted supply across the country. He also warned that strict action would be taken against hoarders attempting to exploit the situation by withholding fuel supplies for illegal profits.
Deputy Prime Minister Dar said Prime Minister Shehbaz Sharif had chaired a high-level meeting earlier in the day to assess the situation and discuss possible responses.
He said the government was evaluating different options to manage the impact of rising oil prices while seeking a balanced approach.
Meanwhile, Pakistan has approached Saudi Arabia for an alternative oil supply route through the Red Sea port of Yanbu after Iran’s move to close the Strait of Hormuz threatened global energy flows.
Malik recently discussed the matter with the Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki, who assured Islamabad that oil supplies could be facilitated through the port to help meet Pakistan’s energy needs.
Finance Minister Aurangzeb said the government was also evaluating the broader economic impact of higher oil prices, particularly on imports, exports and overall economic stability.
He said Pakistan currently had sufficient petroleum reserves and urged the public not to panic, adding that the government would formulate its strategy according to the evolving regional and global situation.
The finance minister also said the prime minister had directed federal authorities to consult provincial leadership to ensure coordinated efforts in dealing with the emerging energy challenges.
