Petroleum Minister shares update on possible Petrol Price Hike in Pakistan amid global crisis

2026-03-10 - 17:24

ISLAMABAD – As global oil markets remain unpredictable and fears of another fuel price surge spread amid major Israeli and US attacks on Iran, and concerns are growing among Pakistani consumers about whether petrol prices will rise again after Rs55 per litre bomb. With international crude prices fluctuating and economic pressures mounting, the question on everyone’s mind is simple: will Pakistan face another petrol price hike? Amid this uncertainty, Pakistan’s Petroleum Minister Ali Pervaiz Malik has shared a fresh update, offering insight into the government’s plan on fuel prices. Malik said even if global petroleum prices climb further, a major increase in petrol prices in Pakistan may not be expected for now, bringing a hint of relief to motorists already struggling with high fuel costs. He revealed that after a recent statement by Donald Trump, global petroleum prices have actually declined, easing pressure on the market. According to him, because of this drop, major changes in petrol prices in Pakistan are not expected in the near future. Ali Malik admitted that the recent increase in petrol prices placed a heavy burden on the public, but insisted that the decision was unavoidable. He explained that when the increase was made, global diesel prices had reached $150 per barrel, forcing the government to act. He however added that Prime Minister Shehbaz Sharif’s government has directed officials to control any future price hikes through austerity measures so the public does not face further hardship. The minister disclosed that diesel prices were increased by Rs80, but the government reduced the petroleum levy to limit the overall impact on consumers. Revealing Pakistan’s energy dependence, Malik revealed a striking fact, saying Pakistan imports around 90% of its energy needs, making the country highly vulnerable to global oil price fluctuations. He further stressed that Pakistan has been working closely with the International Monetary Fund to stabilize the economy through responsible policies and partnerships. The minister addressed speculation about Russian oil, saying that while Russian crude may be commercially profitable for companies, it may not provide major relief to ordinary consumers. Pakistan’s existing refineries are mainly designed to process oil coming from Gulf countries. Malik confirmed that Saudi Arabia and UAE are assisting Pakistan in ensuring steady petroleum supplies. He stressed that the federal government consulted all provincial chief ministers before making the recent petrol price decision. A special committee led by Ishaq Dar will now monitor austerity measures to keep government spending under control. The petroleum minister also took a political swipe at Pakistan Tehreek e Insaf (PTI), accusing the party of politicizing petrol prices during the 2022 vote of no confidence, which he said caused economic damage to the country. Pakistan tops region as most Expensive Petrol Market after massive hike