Islamabad, Mar 7: In an unprecedented move, the Pakistani government raised petrol and high-speed diesel prices by PKR 55 per litre overnight, marking the largest single fuel price hike in the country’s history. The decision comes amid global energy supply disruptions following the ongoing Middle East conflict.
Fuel Prices Surge:
The ex-depot price of high-speed diesel was set at PKR 335.86 per litre, up roughly 20% from PKR 280.86, while petrol climbed to PKR 321.17 per litre from PKR 266.17, reflecting a 17% increase.
Government Response to Middle East Unrest:
Petroleum Minister Ali Pervaiz Malik stated that Pakistan’s dependence on oil supplies through the Strait of Hormuz, disrupted by regional hostilities, has contributed to rising costs. He assured that the country’s petroleum reserves are sufficient and warned against hoarding or creating artificial shortages.
Monitoring and Weekly Price Reviews:
Malik added that fuel prices would now be reviewed weekly in response to volatile global oil markets, with reductions implemented as soon as international conditions improve.
Officials Cite Global Price Pressure:
Deputy Prime Minister Ishaq Dar highlighted that oil prices worldwide have surged by 50–70% due to the crisis. Finance Minister Muhammad Aurangzeb noted that while reserves remain “comfortable,” the government will remain vigilant amid ongoing instability.
Impact on Citizens:
Ahead of the hike, long queues formed at petrol stations nationwide as motorists rushed to fill tanks before the new rates took effect.
National Action Plan Deferred:
The government postponed a proposed national action plan involving work-from-home and distance learning measures, citing adequate petroleum reserves to maintain normal activities for at least a week.