Pakistan announced a sharp increase in consumer fuel prices on Friday, raising the cost of petrol and diesel by approximately 20 percent. The government attributed the decision to rising global oil prices triggered by ongoing conflict in Iran.
In a televised address, Petroleum Minister Ali Pervaiz Malik revealed what he described as a historically large hike of 55 rupees per liter—roughly 20 cents—bringing petrol to 321.17 rupees and diesel to 335.86 rupees.
“This decision has been forced upon us due to a steep rise in international petroleum prices,” the minister explained.
The move is expected to send inflationary pressures through the economy, hitting Pakistan’s most vulnerable communities hardest.
Ahead of the official announcement, long queues formed at fuel stations in major cities such as Lahore and Karachi, as residents rushed to fill up before prices climbed.
Prime Minister Shehbaz Sharif issued a warning Friday against fuel hoarding, stating that those caught stockpiling would face punishment. “We have sufficient petrol reserves,” he said. “But we are planning to stretch them because we don’t know when the Middle East crises will end.”
Pakistan relies heavily on oil imports, primarily from Saudi Arabia and the UAE, with shipments passing through the strategic Strait of Hormuz.
The oil minister also confirmed that the government would now review and adjust fuel prices on a weekly basis in response to market fluctuations.
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