Significant Price Hike Announced

“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,” stated Petroleum Minister Ali Pervaiz Malik during a press conference announcing the latest petrol price increase in Pakistan.

Effective immediately, the government has raised the prices of petrol and high-speed diesel by PKR 55 per litre each, marking the highest-ever hike in the country. The new ex-depot price of petrol is now PKR 321.17 per litre, up from PKR 266.17 per litre, while high-speed diesel has increased to PKR 335.86 per litre from PKR 280.86 per litre.

This price increase reflects a rise of approximately 17% for petrol and 20% for diesel. The decision comes amid ongoing supply disruptions attributed to the conflict in the Middle East, which has affected global oil markets.

Malik assured the public that despite the price hike, Pakistan has sufficient petroleum reserves to meet demand. He emphasized that the government is committed to reviewing petroleum prices on a weekly basis in response to the volatile international market.

In the same press conference, Finance Minister Ishaq Dar remarked, “In many countries, prices increase automatically, but we tried to pass on the minimum possible impact to consumers and find a balanced solution.” This statement highlights the government’s effort to mitigate the impact of rising global oil prices on local consumers.

The price hike is a direct response to the ongoing geopolitical tensions, particularly the US-Israel strikes on Iran, which have created uncertainty in the oil supply chain. As the situation evolves, officials have indicated that they will adjust prices accordingly.

Malik further noted, “As soon as the situation improves internationally, we will reduce prices at the same speed,” indicating a potential for future adjustments depending on global market conditions.

As Pakistan navigates these challenges, the government remains focused on ensuring that the impact on consumers is minimized while maintaining the stability of the petroleum supply.