The latest petrol price increase in Pakistan has added fresh pressure on consumers after the federal government raised petrol and diesel prices by Rs55 per litre. Officials said the decision followed a sharp surge in global oil prices linked to rising tensions in the Middle East.
The announcement came during a press briefing in Islamabad where senior government officials explained the reasons behind the petrol price increase in Pakistan. According to the new rates, petrol now costs Rs321.17 per litre, up from Rs266.17. The price of high-speed diesel has also jumped to Rs335.86 per litre from Rs280.86.
Authorities said global markets became unstable after the closure of the Strait of Hormuz, a key route for international oil shipments. This development has disrupted energy flows and pushed oil prices higher worldwide. As a result, the government carried out the petrol price increase in Pakistan to adjust domestic fuel prices according to the international market.
Officials also announced a shift in the fuel pricing system. Instead of the previous fortnightly review, petroleum prices will now be reviewed every week. The government says this approach will allow quicker adjustments if global prices move up or down.
The government has also revised the petroleum development levy. The levy on petrol has been increased from Rs84.40 to Rs105 per litre. Meanwhile, the levy on high-speed diesel has been reduced from Rs76.21 to Rs55 per litre.
Explaining the decision, the petroleum minister said the government reviewed the international market situation before approving the petrol price increase in Pakistan. He admitted that the move was difficult but necessary due to extraordinary global conditions.
Officials said the government has been carefully managing petroleum reserves in recent weeks. The aim was to ensure that fuel remains available across the country despite uncertainty in global supply chains.
Authorities also warned fuel dealers against hoarding. The government has promised strict action against anyone who stops selling petrol to make illegal profits during the petrol price increase in Pakistan.
The rising fuel prices have also pushed the government to explore alternative supply routes. Pakistan has contacted Saudi Arabia to arrange oil shipments through the Red Sea port of Yanbu after Iran announced the closure of the Strait of Hormuz.
Saudi officials have reportedly assured Pakistan that oil supplies can be facilitated through the Yanbu route if needed. The government hopes this step will help protect the country’s energy supply in the coming weeks.
Meanwhile, the finance ministry is reviewing the possible economic impact of the petrol price increase in Pakistan, especially on imports, exports, and inflation. Officials say Pakistan currently has enough reserves and the public should not panic.
The government has also started consultations with provincial authorities to coordinate its response as the global situation continues to evolve.