Petrol could have Hit Rs 370/Litre in Pakistan, But PM rejects Rs 50 Hike

2026-03-14 - 11:24

ISLAMABAD – Inflation-weary Pakistanis are reeling from record-high fuel prices due to tensions in the Middle East, but the country of around 250 million faced the threat of yet another steep hike. But Prime Minister Shehbaz Sharif has turned down the proposal, keeping petrol and diesel prices unchanged.” The federal government refused proposed massive increase in petroleum prices, keeping petrol and diesel rates unchanged at current levels. PM Sharif decisively rejected recommendations that would have hiked petrol by Rs 50 per liter and high-speed diesel by up to Rs 75 per liter, a move that would have sent fuel costs soaring nationwide. According to official notification from the Petroleum Division, Petrol will remain at Rs 321.17 per liter and high-speed diesel at Rs 335.86 per liter until further notice. The announcement came amid alarming reports from the global market recommending sharp increases in petroleum product prices, but the Prime Minister refused to burden citizens already grappling with rising inflation. Instead, the government plans to adjust potential price increases through modifications in the petroleum levy, ensuring stability and relief for the public. Prime Minister’s bold decision marks a significant move to protect consumers from skyrocketing fuel costs and demonstrates a firm commitment to economic relief in a time of widespread financial pressure. Over 95% of Pakistan’s oil imports come from the Middle East, mostly via the volatile Strait of Hormuz, with prices tied to Dubai benchmarks—$135 per barrel for crude, $120 for petrol, and $168 for diesel. To secure fuel for power generation after Qatar suspended LNG exports, the government has barred refineries from exporting furnace oil and naphtha. Gas supplies to fertiliser plants are being cut, and gas rationing will resume after Eidul Fitr to reduce load shedding and conserve foreign reserves. Current petrol and diesel stocks can last 22–23 days, but diesel shipments face delays due to transport time. Saudi Arabia is supporting crude supplies, though VLCC shipping costs have surged, limiting direct deliveries to Pakistan. New Petrol and Diesel prices in Pakistan from March 14 amid global surge