Pakistan Hikes Fuel Prices Sharply Amid Spiralling Mideast War- Check Latest Petrol, Diesel Rates
The decision is likely to ripple through to higher inflation and hit Pakistan's impoverished population. Pakistan imports oil mainly from Saudi Arabia and the UAE through the Strait of Hormuz.
Pakistan on Thursday hiked consumer prices for diesel and petrol sharply, its second increase in less than a month, amid rising global oil prices spurred by the conflict in the Middle East.
The price of diesel would be raised by 54.9% to 520.35 rupees ($1.88) per litre, and petrol by 42.7% to 458.40 rupees per litre.
"It was inevitable to raise the prices due to the international market prices going out of control after the US-Iran war," Pakistan's petroleum minister, Ali Pervaiz Malik, said in a news conference telecast on state television, along with the country's finance minister.
Last month, the South Asian nation raised consumer prices for diesel and petrol by about 20%, citing higher oil prices driven by the U.S.-Israeli war on Iran.
The decision is likely to ripple through to higher inflation and hit Pakistan's impoverished population. Pakistan imports oil mainly from Saudi Arabia and the UAE through the Strait of Hormuz.
The country's finance minister Muhammad Aurangzeb separately in the news conference announced subsidies aimed at offering relief to small farmers, motorcyclists and intercity transportation of goods and passengers.
Malik said the government had given a subsidy of 129 billion rupees in the last three weeks, but it was no longer affordable due to the hike in international oil prices.
"Since the resources are limited and there is no end to this war in sight, there was no way to continue with a blanket subsidy," he said.
U.S. oil prices jumped more than 11% on Thursday, while Brent soared over 7% in volatile trading a day after U.S. President Donald Trump said military operations would be intensified.
($1 = 278.7000 Pakistani rupees)
Published By : Amrita Narayan
Published On: 3 April 2026 at 07:13 IST