ISLAMABAD – Pakistan may be heading toward yet another dramatic surge in petroleum prices as global crude oil markets continue their upward trajectory, fueled by escalating geopolitical tensions, including the Iran conflict and instability in the Middle East.
The persistent rise in international oil prices is now expected to directly impact domestic fuel rates in the coming days, potentially pushing them to unprecedented and record-breaking levels in the country’s history.
As per insiders, Petrol prices may rise by up to Rs. 55 per litre, while high-speed diesel could see an even steeper hike of up to Rs. 75 per litre. Oil and Gas Regulatory Authority (OGRA) is expected to submit its working to the Petroleum Division within the next two days, setting the stage for a final decision.
The ultimate approval will rest with Prime Minister Shehbaz Sharif, who will determine whether the proposed increases are implemented in one go or phased over a two-week period. Authorities are also reportedly considering the option of maintaining current price levels through continued subsidies.
This development comes shortly after a significant price adjustment earlier in March, when the government announced an increase of Rs. 55 per litre in petrol and diesel following the Iran-related tensions. As a result, petrol reached Rs. 321.17 per litre, while diesel climbed to Rs. 335.86 per litre.
OGRA also recommended another price hike through a summary, but the government opted to keep petrol and diesel prices unchanged at that time. However, kerosene oil was increased by Rs. 70.73 per litre, and a levy of Rs. 200 per litre was imposed on high-octane fuel.
Federal Minister Musadik Malik has stated that despite global pressures, the government refrained from increasing fuel prices last week and continues to provide substantial subsidies, reportedly over Rs. 127 per litre on petrol and more than Rs. 200 per litre on diesel.
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