Pakistan government has increased petrol and diesel prices by Rs55 per litre due to rising global oil prices amid Middle East tensions. The new fuel prices will take effect from midnight.

Pakistan Govt Increases Petrol and Diesel Prices by Rs55 Per Litre

The federal government has announced a massive increase of Rs55 per litre in petrol and high-speed diesel prices, citing rising international oil prices and growing tensions in the Middle East.

The new fuel prices will come into effect from midnight, according to an official announcement made during a press conference in Islamabad.

New Petrol and Diesel Prices

Following the increase, the price of petrol has jumped from Rs266.17 to Rs321.17 per litre, while high-speed diesel now costs Rs335.86 per litre, up from Rs280.86.

Officials said the decision was taken after reviewing global oil market conditions and the ongoing geopolitical situation affecting energy supply.

Govt Explains Reason for Price Hike

Petroleum Minister Ali Pervaiz Malik announced the decision during a press conference alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

The minister said the government had carefully reviewed the situation over the past few weeks before taking the decision.

He explained that global oil prices had increased significantly due to the escalating conflict involving Iran, Israel, and the United States, which has disrupted energy markets worldwide.

According to the minister, many countries are already witnessing automatic increases in fuel prices due to rising global crude oil rates.

Impact of Global Oil Market

Officials said the conflict in the Middle East has created uncertainty in international energy markets, pushing oil prices higher.

Brent crude prices recently climbed above $90 per barrel, while West Texas Intermediate crude also recorded a sharp increase.

The government believes the rise in global oil prices has made it unavoidable to revise domestic fuel rates.

Govt Strategy to Manage Economic Impact

Finance Minister Muhammad Aurangzeb said the government is working on a strategy to reduce the economic impact of rising energy prices.

He added that the prime minister had formed a committee to continuously monitor the global oil market and assess its impact on Pakistan’s economy.

The government is also in contact with international partners to ensure uninterrupted energy supplies.

Weekly Review of Fuel Prices

Authorities also announced that fuel prices will now be reviewed on a weekly basis to respond quickly to changes in global oil markets.

Officials assured the public that the government would reduce prices as soon as international oil markets stabilize.

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