Pakistan raises petrol, diesel prices by Rs55 per litre as global oil surges

ISLAMABAD: Pakistan has raised petrol and diesel prices by 55 rupees per litre after a sharp surge in global oil markets, the country’s petroleum minister said on Thursday.

Petroleum Minister Ali Pervaiz Malik said international energy prices had risen sharply in recent days, forcing the government to take what he described as a “difficult decision” to increase domestic fuel prices.

According to the minister, petrol was trading at around $106.80 per barrel on March 6, while diesel prices had climbed to nearly $150 per barrel in global markets.

He said that when the government last reviewed petroleum prices on March 1, petrol stood at about $78 per barrel, while diesel was priced at around $88 per barrel.

“Prices have increased significantly since then,” the minister said, citing a rapid rise in global energy costs.

The government will continue efforts to ensure the availability of fuel across the country, he said, adding that authorities would review prices again and reduce them once the international market stabilises.

The minister said the government was closely monitoring global energy markets amid heightened volatility in oil prices worldwide.