Pakistan hikes petrol, diesel by Rs55 as regional crisis deepens

Pakistan has sharply increased fuel prices after a surge in global oil costs linked to the widening Middle East crisis. Officials announced that petrol will now cost Rs321.17 per litre, up from Rs266.17, while diesel has risen to Rs335.86 per litre from Rs280.86.

The decision was unveiled by Petroleum Minister Ali Pervaiz Malik alongside Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. The government said the revised rates will take effect from midnight and that pricing will now be reviewed every week instead of on the earlier fortnightly cycle.

Malik said the authorities had tried to preserve stocks in recent weeks to keep supplies stable, and warned that action would be taken against anyone hoarding fuel to earn illegal profits. Dar said Prime Minister Shehbaz Sharif had reviewed the situation and directed officials to keep assessing developments before deciding any further adjustments. Aurangzeb, meanwhile, urged the public not to panic, saying Pakistan currently has enough reserves while the government evaluates the impact on imports, exports and the wider economy.