Pakistan Increases Petrol and Diesel Prices by Rs55 Per Litre Amid Rising Global Oil Prices

Islamabad: The federal government has announced a significant increase in petroleum prices, raising both petrol and diesel rates by Rs55 per litre due to rising global oil prices. The surge in international prices is largely attributed to escalating tensions and conflict between the United States, Israel, and Iran, which have disrupted global energy markets.

The announcement was made by Petroleum Minister Ali Pervaiz Malik during a press conference held with Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

Following the latest review, the price of petrol has increased from Rs266.17 to Rs321.17 per litre, while the price of high-speed diesel has risen from Rs280.86 to Rs335.86 per litre.

This adjustment marks the first weekly review of petroleum prices, replacing the previous system where prices were revised every two weeks. The change comes amid regional tensions affecting global oil supply routes, particularly after concerns regarding the closure of the Strait of Hormuz, a crucial passage for international oil shipments.

The government has also revised the Petroleum Development Levy (PDL). The levy on petrol has been increased from Rs84.40 to Rs105 per litre, while the levy on high-speed diesel has been reduced from Rs76.21 to Rs55 per litre.

Speaking at the press conference, the petroleum minister said the decision was taken after carefully reviewing the evolving international oil market. He added that the government would now monitor prices on a weekly basis and promised that prices would be reduced immediately once global conditions improve.

He further stated that the government had been maintaining petroleum reserves over the past few weeks to ensure continuous fuel supply across the country. The authorities are also monitoring the market closely and have warned that strict action will be taken against anyone involved in fuel hoarding or illegal profiteering.