Pakistan has witnessed another devastating fuel price hike after the federal government sharply increased petrol and diesel prices by nearly Rs15 per litre, pushing both products above the alarming Rs414 mark for the first time.
According to a notification issued by the Ministry of Energy on Friday night, the revised petroleum prices came into effect from May 9, 2026, intensifying financial pressure on inflation-hit consumers and businesses already struggling with soaring living costs.
Petrol Price Climbs to Record Rs414.78 Per Litre
Under the latest revision, the price of petrol (motor spirit) surged by Rs14.92 per litre, taking the new rate to a staggering Rs414.78 per litre compared to the previous Rs399.86.
High-speed diesel (HSD) also became significantly more expensive, with the government increasing its price by Rs15 per litre to Rs414.58 from Rs399.58.
The government said the revised ex-depot prices would remain effective for the upcoming week under the ongoing weekly fuel pricing mechanism.
Third Consecutive Fuel Hike Sparks Public Outrage
The latest increase marks the third straight hike in petroleum prices, triggering fears of another inflation storm across the country.
During the previous two weeks alone, petrol prices had already jumped cumulatively by Rs33.28 per litre, while diesel prices surged by a massive Rs46.16 per litre.
The repeated increases have sparked frustration among motorists, transporters, traders, and households, many of whom say fuel has become increasingly unaffordable.
Middle East Crisis Sends Global Oil Prices Surging
The fresh increase in domestic fuel prices comes amid escalating tensions in the Middle East, which have rattled international oil markets.
Global crude prices rose sharply on Friday after renewed fighting between the United States and Iran raised fears of supply disruptions and uncertainty surrounding the strategically vital Strait of Hormuz.
Brent Crude futures climbed by $1.41, or 1.41%, to $101.47 per barrel, while West Texas Intermediate (WTI) crude rose by $1.12, or 1.18%, to $95.93 per barrel. Earlier in the day, oil prices had surged more than 3% as traders reacted to fears of a broader regional conflict.
Inflation Fears Deepen as Transport, Food Costs Likely to Rise
Economists warn that the relentless increase in petroleum prices could unleash another wave of inflation across Pakistan, particularly impacting transport fares, food prices, agriculture, and industrial production costs.
The sharp rise in diesel prices is expected to hit the agriculture and logistics sectors the hardest, while higher petrol prices may further burden salaried and middle-class households already struggling to manage daily commuting expenses.
Analysts caution that if global oil prices continue their upward trajectory, Pakistanis may face even more painful fuel adjustments in the coming weeks.