Petrol now costs Rs458.40 and diesel costs Rs520.35, marking Pakistan’s highest-ever fuel price increase.

Pakistan boosts fuel to Rs458.40 and diesel to Rs520.35 in a record increase, offering targeted subsidies and energy-saving initiatives amid the global oil crisis.

ISLAMABAD (Channel News Pakistan) – Pakistan has announced an extraordinary hike in petroleum product prices, raising petrol to Rs458.40 per litre and high-speed diesel to Rs520.35 per litre, the country’s highest rates ever.

The statement was made during a joint news conference by Federal Ministers for Petroleum and Finance, Ali Pervaiz Malik and Muhammad Aurangzeb.

The increased rates, which take effect at midnight, represent a rise of Rs137.23 per litre for petrol and Rs184.49 per litre for diesel. Officials explained the move as unavoidable in view of rising global oil costs caused by the ongoing crisis in the Middle East.

Speaking during the briefing, the petroleum minister disclosed that the Prime Minister hosted a high-level meeting earlier in the day, which was attended by chief ministers, military leadership, and other important stakeholders. The delegates discussed the changing global energy situation and concluded that subsidies could no longer be provided worldwide.

According to Ali Pervaiz Malik, Pakistan buys approximately 90% of its oil from Dubai and Oman, where prices have recently risen substantially. He stated that diesel prices in foreign markets had risen beyond $250 per barrel, putting tremendous pressure on domestic pricing.

The minister emphasized that global oil market volatility has created a hard climate, and that the current circumstance necessitates national unity and discipline. He argued that the government did not contribute to the global crisis but is now forced to make difficult decisions in order to maintain economic stability.

Highlighting recent efforts, he stated that the government has already adopted austerity measures, such as reduction in cabinet salaries and development expenditure, in an attempt to protect the people from the full impact of growing expenses. According to authorities, Rs129 billion has been spent since March 1 to bring assistance to customers.