Petrol price per litre rises by Rs137.24 in Pakistan, diesel by Rs184.14

ISLAMABAD: The federal government on Thursday increased petrol price per litre by Rs137.41 while diesel has surged by Rs184.14 amid the ongoing US-Iran tensions over the Strait of Hormuz.

The massive increase in petroleum prices in Pakistan pushing petrol price per litr in Pakistan to Rs458 ($1.64) and diesel to Rs520 per litre ($1.86). The surge comes amid rising tensions in the Middle East, which have driven global crude oil prices higher.

The latest petrol price increase of Rs137.41 per litre represents 43 per cent of its previous price of Rs321.17 per litre. Similarly, the diesel price hike of Rs184.14 per litre amounts to 55 per cent of its earlier rate of Rs335.86 per litre.

The notifcation has been issued, effective from tonight.

Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb made the announcement at a joint press conference. As part of a targeted relief measure, Aurangzeb said motorcycle users would receive subsidised petrol at Rs100 less per litre for up to 20 litres.

The increase comes as international oil prices spike due to the ongoing conflict in the Middle East. Brent crude was trading at around $109.12 per barrel, up nearly 7.9 per cent, while US West Texas Intermediate (WTI) crude surged 12.5 per cent to $112.60 per barrel, its highest level since March 9. Despite this, prices remain below earlier peaks of around $120 per barrel.

This comes after weeks of resistance from Prime Minister Shehbaz Sharifpledged that the government would absorb an additional Rs56 billion rather than passing the cost onto the public.

Thursday’s revision marks the second increase in petroleum prices in less than a month, reflecting the ongoing volatility in global energy markets.

Following this, the public transport such as buses, taxis, as well as the ride-hailing services will now increase their fares, adding pressure on everyday commuters already grappling with rising living costs.

Petrol prices had already climbed by Rs63 per litre over the past month, rising from Rs258.17 to Rs321.17, while diesel went up by Rs60.16 to Rs335.86 per litre. Analysts warn that with the new adjustments, this could become one of the largest month-on-month fuel price increases in recent history.