The federal government has significantly increased the prices of petrol and high-speed diesel by Rs55 per litre, citing a sharp surge in international oil prices triggered by escalating tensions in the Middle East.
According to the Petroleum Division, the new prices came into effect from midnight, pushing petrol to Rs321.17 per litre and high-speed diesel to Rs335.86 per litre across the country.
Officials said the increase was unavoidable as global crude oil markets have been under pressure due to the ongoing conflict involving Iran, Israel and the United States, which has raised fears of supply disruptions in the region.
Petroleum Minister Ali Pervaiz Malik said the government had to adjust domestic fuel prices in line with rising international rates, adding that the situation in global markets remained highly volatile.
The government has also indicated that petroleum prices will now be reviewed on a weekly basis due to uncertainty in the global energy market caused by the regional conflict.
Following reports of panic buying, Prime Minister Shehbaz Sharif directed authorities to closely monitor the movement of petroleum products and warned against hoarding, assuring the public that the country has sufficient fuel reserves.
Pakistan relies heavily on imported oil, most of which arrives through the Strait of Hormuz, making the country particularly vulnerable to disruptions caused by instability in the Gulf region.
Economists warn the sharp hike in fuel prices could further increase inflation and transportation costs, placing additional pressure on households and businesses already dealing with rising living expenses.