Pakistan has raised petrol and diesel prices sharply in the first major economic shock linked to the widening conflict in West Asia. Islamabad announced an overnight increase of PKR 55 per litre (Over Rs 18) for both petrol and high-speed diesel, the largest single hike in the country’s history, according to news agency PTI.
The decision was announced late at night during a press conference attended by Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb. While confirming the steep rise, officials said Pakistan still has sufficient petroleum reserves and there is no immediate shortage of fuel in the country.
RECORD HIKE IN PETROL AND DIESEL PRICES
After the increase, the ex-depot price of high-speed diesel has been fixed at PKR 335.86 per litre for the coming week. The price was previously PKR 280.86 per litre, meaning diesel has risen by nearly 20 per cent.
Petrol prices have also jumped significantly. The new ex-depot rate stands at PKR 321.17 per litre, compared with PKR 266.17 earlier, reflecting an increase of about 17 per cent.
The price of petroleum products was triggered by turmoil in the energy market caused by ongoing conflict in the Middle East. Ali Pervaiz Malik said the regional crisis had disrupted oil supply routes and pushed global prices higher.
“The fire that started in a neighbouring country has spread across the entire region. We do not know how long this crisis will continue, and there is no clear timeline for its end,” he said.
The minister also pointed out that Pakistan depends heavily on oil shipments that pass through the Strait of Hormuz, which has been affected by the conflict.
PAK GOVERNMENT SAYS SUPPLIES ARE STABLE
Officials also said two Pakistani oil vessels are currently travelling through alternative routes to ensure supplies continue.
Ishaq Dar said global oil prices had surged sharply due to the conflict. “In many countries, prices increase automatically, but we tried to pass on the minimum possible impact to consumers and find a balanced solution,” he said.
Finance Minister Aurangzeb added that Pakistan currently has “comfortable” petroleum reserves and that the economic situation remains stable, though authorities are watching developments carefully.
The Pakistani government has also decided to review fuel prices every week while international markets remain volatile.
PUBLIC FEELS THE PRESSURE
Despite assurances from authorities, many Pakistanis say the sudden increase has made daily life harder, especially for those who rely on fuel for work and travel.
A resident, Muhammad Nadeem, said the hike had already affected his budget. “Yesterday, when I filled up petrol, things still felt manageable. But today, I had to refill at Rs 324 per litre. I am doing two jobs, but it’s still not enough to cover the expenses. Life is becoming increasingly difficult.”
Commuter Aslam Qadri also expressed concern about rising living costs. “Government was aware of the situation. A war is going on between the US and Iran, affecting people around the world. Because of this conflict, petrol prices have increased. Now that petrol has become so expensive, the prices of other things will also rise.”
Another commuter, Sohail Mahmood, said the constant rise in prices leaves little hope for relief. “Prices keep rising with little hope of falling. They may drop by around 10 per cent, but no more than that. This is making it increasingly difficult for us to survive.”
The announcement led to a rush at petrol pumps across several cities, as many people tried to fill their tanks before the higher prices came into effect. Long lines of cars and motorbikes formed outside fuel stations, with motorists hoping to buy petrol at the older, cheaper rates.
With inputs from agencies
