ISLAMABAD: Pakistan witnessed a sharp fuel price surge as Petroleum Minister Ali Pervaiz Malik announced petrol at Rs458.4 per litre and high speed diesel at Rs520.35, marking one of the steepest increases in recent years. Petrol prices rose by over Rs137 per litre while diesel jumped by Rs184, with kerosene also seeing a significant hike, adding further pressure on inflation and household budgets.
The increase comes amid global market turmoil triggered by the Iran Israel US conflict 2026, which has disrupted oil supply chains and driven crude prices to record highs. Despite efforts by Prime Minister Shehbaz Sharif to delay the hike, officials said the government could no longer sustain subsidies after spending over Rs129 billion to cushion the impact.
Finance Minister Muhammad Aurangzeb announced a targeted relief package, including fuel subsidies for motorcycles, support for farmers, and assistance for transport operators. The government has shifted from blanket subsidies to focused relief, aiming to protect vulnerable groups while maintaining economic stability.
