ISLAMABAD: The federal government has once again increased fuel prices, citing continued volatility in global crude oil markets as the key reason behind the hike.
In a notification issued by the Finance Division late Tuesday night, it was announced that the price of petrol has been raised by Rs5.36 per litre, while high-speed diesel (HSD) has been increased by Rs11.37 per litre.
With the latest adjustment, the petrol price has climbed from Rs266.79 to Rs272.15 per litre, and diesel has gone up from Rs272.98 to Rs284.35 per litre. The revised prices came into effect from July 16 and will remain applicable for the next 15 days, directly impacting millions of vehicle owners and businesses across the country.
The government attributed the hike to fluctuations in international oil prices, which have remained unstable due to geopolitical tensions and supply chain disruptions.
Fuel prices in Pakistan are reviewed on a fortnightly basis, with adjustments based on recommendations from the Oil and Gas Regulatory Authority (OGRA). These recommendations consider global oil market trends and the exchange rate of the Pakistani rupee against the US dollar.
Earlier, on July 1, the government had already implemented a major price hike in response to the global market turmoil caused by the 12-day conflict between Iran and Israel. At that time, petrol prices were raised by Rs8.36, bringing the rate to Rs266.79 per litre, while diesel saw a rise of Rs10.39, reaching Rs272.98 per litre.
Pakistan, which relies heavily on imported fuel to meet around 85% of its petroleum demand, is particularly vulnerable to shifts in international energy markets. The recent increases are expected to exert further pressure on inflation, public transport costs, and overall living expenses for the general population.
Economists warn that continued increases in fuel prices could hamper economic recovery, raise the cost of goods and services, and deepen the financial strain on low- and middle-income households.
As the country braces for the impact of the latest fuel price hike, citizens and businesses alike are calling for relief measures and greater transparency in pricing mechanisms. The next price review is expected at the end of July.
