Kerosene price surges to Rs318.81 per litre after record Rs130 hike

The government has sharply increased the price of kerosene by Rs130.08 per litre, pushing the new rate to Rs318.81 from the previous Rs188.73, according to an official notification issued on Saturday. The revised price came into effect immediately.

The steep rise follows a separate decision a day earlier to raise petrol and diesel prices by Rs55 per litre amid surging global oil prices triggered by the ongoing conflict involving the United States, Israel and Iran.

Announcing the changes at a press conference, Petroleum Minister Ali Pervaiz Malik said the government had revised fuel rates after reviewing the international market situation. He appeared alongside Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

Following the latest adjustment, the price of petrol has been set at Rs321.17 per litre, up from Rs266.17, while high-speed diesel has risen to Rs335.86 per litre from Rs280.86.

The revisions mark the first weekly fuel price review since regional tensions disrupted global energy routes after the closure of the Strait of Hormuz. Previously, petroleum prices in Pakistan were revised every two weeks.

The government has also changed the petroleum development levy structure, increasing the levy on petrol from Rs84.40 to Rs105 per litre while reducing the levy on high-speed diesel from Rs76.21 to Rs55 per litre.

Global oil markets have been highly volatile as the war involving the US, Israel and Iran has spread across the Gulf region, severely disrupting shipping and energy transport through the Strait of Hormuz — a key artery for global oil supplies.

Oil prices surged sharply this week, with crude rising more than eight per cent on Friday and nearly 30pc over the week after US President Donald Trump said the conflict would end only if Iran agreed to an “unconditional surrender”.