ISLAMABAD: The government has announced a significant increase in petrol and high-speed diesel (HSD) prices, citing a sharp surge in international oil markets driven by escalating regional tensions.
Federal Minister for Petroleum Ali Pervaiz Malik said on Friday that the global rise in crude oil prices has placed considerable pressure on Pakistan’s economy, leaving authorities with limited options but to pass on the impact to domestic consumers. In a statement, he noted that existing commitments with international partners further restrict the government’s ability to absorb rising costs shocks.
According to the latest revision, the price of petrol will increase by Rs 26.77 per litre for the upcoming week. Similarly, the price of high-speed diesel, widely used in the transport and agriculture sectors, will also rise by Rs 26.77 per litre. The move is expected to have a broad impact on inflation, particularly on transportation and food prices.
The minister emphasized that the government had tried to cushion the blow by absorbing part of the global price hike. He added that both federal and provincial governments had earlier introduced what he described as a “historic relief package” to ease the financial burden on citizens.
Despite the increase, Malik expressed optimism that the situation may improve in the near future. He said efforts are underway at diplomatic levels to reduce regional tensions, which could help stabilize global oil prices.
Market analysts warn that continued volatility in international energy markets may keep domestic fuel prices under pressure in the coming weeks.