ISLAMABAD: Pakistan witnessed an unprecedented surge in petroleum prices after the federal government announced a massive Rs55-per-litre increase in both petrol and diesel.
The price of petrol has risen from Rs266.17 per litre to Rs321.17 per litre, while diesel now costs Rs335.86 per litre, up from Rs280.86 per litre. Officials say the decision was driven primarily by a sharp rise in global oil prices amid escalating tensions in the Middle East, particularly the ongoing conflict involving Iran.
International oil markets have reacted strongly to regional instability, with crude prices nearing $100 per barrel. As an oil-import dependent country, Pakistan remains highly vulnerable to fluctuations in global energy markets. A significant portion of the country’s oil imports passes through the Strait of Hormuz, a strategic maritime route that has been affected by the conflict.
The government has also revised the petroleum development levy (PDL) as part of the price adjustment. The levy on petrol has been increased by Rs20, bringing it to around Rs105 per litre, while the levy on diesel has been reduced by Rs20. Authorities argue that the adjustments were necessary to manage fiscal pressures and maintain revenue targets.
The announcement triggered widespread concern among citizens. Long queues were reported at petrol pumps in several cities as motorists rushed to purchase fuel before the new prices. The government is also reviewing potential fuel conservation measures, including remote work arrangements and online classes, though no immediate implementation has been announced.
Analysts warn that the sharp increase in fuel prices could further intensify inflationary pressures, affecting transportation costs, food prices, and overall economic stability in the coming weeks.
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