Islamabad, 7 March: Pakistan has announced the largest fuel price increase in its history, raising the price of petrol and high-speed diesel by PKR 55 per litre in an overnight decision. The move comes as global energy markets face uncertainty due to the escalating conflict in West Asia following recent US-Israel strikes on Iran and Tehran’s subsequent retaliation.
The decision was unveiled during a late-night press conference by Petroleum Minister Ali Pervaiz Malik, alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. Officials said the measure was necessary to manage the impact of rising global oil prices and potential supply disruptions.
Under the revised pricing, the ex-depot price of high-speed diesel has increased to PKR 335.86 per litre, up from PKR 280.86, representing a rise of about 20 percent. The price of petrol has been raised to PKR 321.17 per litre, compared to the earlier PKR 266.17, marking an increase of roughly 17 percent.
Addressing concerns about fuel availability, the government said the country currently has adequate petroleum reserves and is closely monitoring supply routes. Pakistan relies heavily on oil shipments that pass through the Strait of Hormuz, a key global energy corridor that has been affected by tensions linked to the ongoing regional conflict.
Officials added that two Pakistani oil vessels are en route through alternative routes to help ensure uninterrupted supplies. Authorities also warned that strict action will be taken against hoarding or the creation of artificial fuel shortages.
Despite fears of a fuel crisis, the government has not introduced emergency measures such as work-from-home arrangements or distance learning for now, saying normal activities will continue while the situation is reviewed.
Petroleum Minister Malik said the government will review fuel prices on a weekly basis in response to volatile international markets and promised that reductions would follow once conditions improve.
“The fire that started in a neighbouring country has spread across the entire region,” Malik said, adding that the duration of the crisis remains uncertain.
He assured that prices would be lowered quickly once global oil markets stabilise, stressing that the government is keeping a close watch on developments affecting international energy supplies.
