ISLAMABAD – Pakistanis are bracing for yet another painful blow as a fresh “petrol bomb” appears imminent, with reports suggesting a massive increase in fuel prices set to be announced at midnight.
Oil and Gas Regulatory Authority (OGRA) has reportedly recommended a steep hike of Rs71.40 per litre in petrol and Rs56.46 per litre in high-speed diesel, sending shockwaves through already strained households and transport sectors. The proposal has been forwarded to the prime minister for final approval.
If the suggested increase is approved, petrol prices could jump from Rs414.78 to Rs486.18 per litre, while diesel may surge from Rs414.58 to Rs471.04 per litre, which will be unafforadbale for millions.
The expected revision comes shortly after Pakistan received a $1.32 billion IMF tranche, with reports indicating continued pressure to pass on global fuel price fluctuations directly to consumers. Authorities are also under obligations linked to fiscal tightening, energy sector reforms, and tax adjustments.
Already, fuel taxation has reached record highs, with the Petroleum Development Levy standing at Rs117.41 per litre on petrol and Rs42.60 on diesel, leaving little cushion for consumers.
The final decision now rests with the Ministry of Finance in consultation with the prime minister.
Meanwhile, global oil markets are also fueling the pressure, with Brent, WTI, and Murban crude prices rising sharply amid geopolitical tensions in the Middle East and disruptions around key shipping routes like the Strait of Hormuz — adding further heat to an already volatile situation.
Petrol Price in Pakistan jumps to Rs414.78 Per Litre after another Hike
