Petrol Price in Pakistan may rise to historic high

2026-03-24 - 17:11

Islamabad: The prices of petroleum products in Pakistan are likely to reach record-high levels as global crude oil costs continue to rise amid the ongoing Iran conflict and tensions in the Middle East. Sources indicate that petroleum product prices could see a historic increase in the coming days, potentially reaching their highest levels in Pakistan’s history. Sources said that petrol could rise to Rs. 55 per litre, while high-speed diesel may hit Rs. 75 per litre. The Oil and Gas Regulatory Authority (OGRA) will submit its working to the Petroleum Division in two days. The final decision on any price hike will be made by the Prime Minister of Pakistan, Shehbaz Sharif. The government may choose a phased increase over two weeks rather than a single adjustment, or maintain current prices through subsidies. It should be noted that following the Iran war, the government announced Rs.55 per litre increase in petrol and diesel prices on 7 March 2026, taking petrol to Rs.321.17 per litre and diesel to Rs.335.86 per litre. Last week, OGRA also recommended another price increase, but the government maintained petrol and diesel rates, while raising kerosene prices to Rs.70.73 per litre and imposed Rs.200 per litre levy on high-octane fuel. Federal Minister Musadik Malik stated that the government is currently providing subsidies exceeding Rs.127 per litre on petrol and Rs. 200 per litre on diesel.