In a crude bomb on a struggling economy, Pakistan has announced a steep increase in fuel prices, raising petrol and diesel rates by PKR 55 per litre. The big hike will push petrol prices to PKR 321.17 per litre and diesel to PKR 335.86 per litre. As per reports, the sudden surge in international oil prices forced the government to revise domestic fuel rates, according to ARY News. The decision comes at a time when tensions in West Asia have rattled energy markets and triggered fears of supply disruptions, prompting Islamabad to adjust prices amid growing economic pressure.
He told reporters that global petroleum rates had shot up following the rapid expansion of the conflict in West Asia over the past two days. The worsening situation in the region has added pressure on countries that rely heavily on imported oil.
Prime Minister Shehbaz Sharif also warned traders against hoarding fuel and said strict action would be taken against those trying to create artificial shortages.
Iran retaliated with multiple waves of drone and missile attacks across several Arab countries, targeting American military bases and Israeli assets. Israel has continued strikes on Tehran while also expanding military operations into Lebanon against Hezbollah.
The widening conflict has raised concerns about disruptions to global oil supplies, especially in critical shipping routes.
Pakistan imports most of its crude oil from Saudi Arabia and the United Arab Emirates through the Strait of Hormuz, a vital energy corridor that could be affected if tensions escalate further.
The sharp price increase is expected to add to inflationary pressures in Pakistan, where rising living costs have already strained household budgets. Economists warn that higher fuel prices could quickly translate into increased transport and food costs across the country.
(Inputs from ANI and Reuters)
Petrol Price in Pakistan
Speaking at the briefing, Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar said the government had little choice but to pass on the impact of rising international oil prices to consumers.He told reporters that global petroleum rates had shot up following the rapid expansion of the conflict in West Asia over the past two days. The worsening situation in the region has added pressure on countries that rely heavily on imported oil.
Why Pakistan increased petrol, diesel prices?
ARY News reported, citing sources, that the International Monetary Fund (IMF) had asked the debt-ridden Pakistan to raise petrol and diesel prices immediately. According to the report, the demand surfaced during virtual discussions between Pakistani officials and an IMF delegation.Long queues at Pakistan fuel stations before announcement
Even before the official announcement, many motorists rushed to fuel pumps across major cities such as Lahore and Karachi. Long lines were reported outside petrol stations as people attempted to fill their tanks before the new prices took effect.Prime Minister Shehbaz Sharif also warned traders against hoarding fuel and said strict action would be taken against those trying to create artificial shortages.
Conflict in West Asia rattles Petrol, diesel prices
The sharp increase in Pakistan’s fuel prices comes amid growing instability in West Asia following a joint US-Israel military strike on Iranian territory on February 28. The strike killed Iran’s Supreme Leader Ayatollah Ali Khamenei and several senior officials, triggering a strong response from Tehran.Iran retaliated with multiple waves of drone and missile attacks across several Arab countries, targeting American military bases and Israeli assets. Israel has continued strikes on Tehran while also expanding military operations into Lebanon against Hezbollah.
The widening conflict has raised concerns about disruptions to global oil supplies, especially in critical shipping routes.
Pakistan imports most of its crude oil from Saudi Arabia and the United Arab Emirates through the Strait of Hormuz, a vital energy corridor that could be affected if tensions escalate further.
Pakistan to review fuel prices weekly
Officials said the government would monitor global market movements and review domestic fuel prices every week.The sharp price increase is expected to add to inflationary pressures in Pakistan, where rising living costs have already strained household budgets. Economists warn that higher fuel prices could quickly translate into increased transport and food costs across the country.
(Inputs from ANI and Reuters)
