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.
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 , 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.
On the other hand, global crude oil prices climbed sharply , reaching levels not seen in roughly two years, as escalating conflict in the Middle East raised concerns over supply disruptions and sent ripples through energy and financial markets.
Brent crude, the international oil benchmark, rose above $90 per barrel for the first time since April 2024, while US West Texas Intermediate (WTI) futures also rallied strongly, reflecting widening fears that prolonged instability could choke flows through the Strait of Hormuz, a critical conduit for roughly 20 per cent of the world’s oil supply.
The surge marked one of the biggest weekly gains since early 2020, with Brent up more than 15 per cent over the week and WTI advancing close to 20 per cent, traders said.
