Pakistan raises fuel prices sharply as global oil crisis worsens

Pakistan raises fuel prices sharply as global oil crisis worsens

Pakistan’s government has announced a steep increase in petroleum prices, lifting petrol to Rs458.40 per litre and high-speed diesel to Rs520.35 as authorities respond to a widening global fuel shock.

Petroleum Minister Ali Pervaiz Malik, speaking alongside Finance Minister Muhammad Aurangzeb, said the increase was driven by mounting pressure in international energy markets and the disruption of supply routes linked to the Middle East conflict. Officials argued that the decision was taken under severe external constraints rather than domestic policy choice alone.

The government said it had tried to soften the impact through austerity measures and expenditure cuts, but warned that the worsening crude market had narrowed its room for manoeuvre. Malik said the administration had prioritised continuity of supply while assessing how to protect vulnerable households from the full force of imported inflation.

The announcement marks one of the strongest signs yet that regional instability is feeding directly into Pakistan’s cost structure. With fuel prices rising sharply, the decision is likely to place renewed pressure on transport costs, consumer prices and household budgets in the weeks ahead.