Lahore: Pakistan has significantly increased fuel prices, with diesel witnessing a sharp rise of over 50% and petrol prices climbing close to ₹460 per litre, amid the ongoing conflict involving Iran and the United States, Hindustan Times reported, citing Reuters.
According to Reuters, the Pakistani government raised diesel prices by approximately 54.9%, pushing rates above ₹520 per litre, while petrol prices were increased by around 42.7%, taking them to nearly ₹458 per litre. The move marks the second major hike in less than a month, reflecting mounting pressure from surging global oil prices.
Officials stated that the increase was unavoidable due to the rapid escalation in international crude oil rates triggered by the ongoing conflict in West Asia. Pakistan, which relies heavily on imported oil primarily from Saudi Arabia and the United Arab Emirates has been particularly vulnerable to disruptions in supply routes such as the Strait of Hormuz.
As reported by Reuters and cited by Hindustan Times, the government had previously attempted to cushion consumers through subsidies. However, authorities indicated that continuing such financial support was no longer sustainable given limited national resources and persistently high global prices.
Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik addressed the situation, explaining that the government had already provided substantial subsidies in recent weeks but could not maintain them indefinitely under current conditions.
The report noted that the sharp increase is expected to intensify inflationary pressures and further strain household budgets in Pakistan, where economic challenges are already significant.
Additionally, the government has announced targeted relief measures for specific groups, including farmers and transport operators, in an effort to mitigate the impact of rising fuel costs.
The developments highlight the broader economic fallout of the Iran-US conflict, with energy markets remaining volatile and heavily influencing domestic fuel pricing.
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