Weekly Review: Pakistan announces new petrol prices for March 2026 today

2026-03-13 - 05:24

ISLAMABAD – The federal government is all set to announce new petrol prices in its weekly review amid fears of further hike due to supply concerns and increase freight cost due to ongoing US-Israel war and Iran. A day earlier, Federal Minister for Petroleum, Ali Parvez Malik, announced that new petrol and diesel prices will be based on average global petroleum product rates. Malik said it is currently unclear whether petrol prices will increase. Current Petrol Prices in Pakistan Last week, the government had raised petrol and diesel prices by Rs55 per litre in response to rising oil costs and regional tensions. Currently, the petrol price stands at Rs321.17 per litre while the diesel is being sold for Rs335.86 per litre. Meanwhile, the Senate’s Standing Committee on Finance, chaired by Saleem Mandviwala, held a briefing on domestic energy and petroleum pricing. Federal Minister for Finance, Muhammad Aurangzeb, said a special committee has been formed under Prime Minister Shehbaz Sharif to monitor petroleum procurement and pricing. Aurangzeb highlighted that sudden changes in global oil markets require prompt decisions on petroleum purchases. He noted that recent attacks have disrupted LNG imports from QatarEnergy, causing prices to rise significantly—from around $25 million per cargo to nearly $100 million—driving up energy costs. Pakistan Receives Two More Oil Ships Two ships carrying between 100 to 120 million liters of crude oil successfully reached Karachi from Fujairah, UAE, under the protective escort of the Pakistan Navy. Officials from the Pakistan National Shipping Corporation (PNSC) confirmed that the safe transfer of the vessels was completed within the Navy’s security perimeter. The escort was deemed necessary following recent attacks on ships in Fujairah, ensuring the safe arrival of the cargo in Pakistani waters. Minister for Maritime Affairs, Junaid Anwar, expressed gratitude to the Pakistan Navy for the secure passage of the vessels. He also noted that the Ministry of Foreign Affairs has sought Iran’s assistance to facilitate the extraction of two ships that remain stranded in the Persian Gulf.