Petroleum Minister Ali Pervaiz Malik has said the government increased petrol and diesel prices in line with commitments made to the International Monetary Fund (IMF), assuring the public that rates would be reduced once global oil prices decline.
Speaking alongside Finance Minister Muhammad Aurangzeb during a televised press conference, Malik said the government was required to maintain petroleum levy targets agreed with the IMF before Pakistan’s economic case was presented to the lender’s executive board.
“Although there was no major fluctuation in international oil markets, fuel prices had to be increased due to our commitments,” the minister stated.
The federal government on Friday raised petrol and high-speed diesel prices by nearly Rs15 per litre for the next fortnight. Petrol prices increased from Rs399.86 to Rs414.78 per litre, while diesel rose from Rs399.58 to Rs414.58 per litre.
According to Petroleum Division sources, the petroleum development levy (PDL) on petrol was increased from Rs103.50 to Rs117.41 per litre, while the levy on diesel jumped from Rs28.69 to Rs42.60 per litre.
Malik said the government also ensured uninterrupted fuel availability across the country amid regional uncertainty and fluctuating energy markets.
He added that once international oil prices begin to decline, the government would pass on relief to consumers “at a much faster pace.”
The minister’s remarks came after the IMF approved fresh financial support for Pakistan under two ongoing lending programmes. The IMF Executive Board cleared approximately $1.32 billion in funding, including around $1.1 billion under the Extended Fund Facility (EFF) and nearly $220 million under the Resilience and Sustainability Facility (RSF).
The IMF stated that the approval followed successful reviews of Pakistan’s economic reform programme and would help the country strengthen reserves, manage inflation, and continue structural reforms.
Deputy Prime Minister and Foreign Minister Ishaq Dar welcomed the IMF decision, calling it a sign of international confidence in Pakistan’s economic policies and reform measures.