ISLAMABAD: The Government of Pakistan has announced a significant increase in petrol and diesel prices, attributing the decision to rising global oil prices driven by growing tensions in the Middle East.
During a press conference in Islamabad, federal ministers confirmed that fuel prices would rise by Rs. 55 per litre. Under the revised rates, petrol will now be priced at Rs. 321.17 per litre, while diesel has jumped from Rs. 275.70 to Rs. 335.86 per litre.
Deputy Prime Minister and Foreign Minister Ishaq Dar explained that the increase comes as international oil markets have experienced a sharp surge in prices. He said the spike followed escalating conflict in the region, particularly after an attack on Iran.
According to Dar, the situation has intensified over the past 48 hours, with reports suggesting that the conflict has widened and that Turkey and Azerbaijan have also become involved. This development has pushed global petroleum prices significantly higher.
Petroleum Minister Ali Pervaiz Malik, who was also present at the briefing, described the price hike as a difficult but necessary decision. He stated that the government is trying to manage the country’s energy needs and maintain fuel supply during a challenging economic and geopolitical situation.
Meanwhile, sources revealed that the International Monetary Fund (IMF) has urged Pakistan to immediately increase petrol and diesel prices. The recommendation reportedly came during virtual discussions between Pakistani authorities and an IMF delegation, where fuel pricing and economic reforms were discussed.
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