Pakistan Hikes Petrol, High-Speed Diesel Prices Amid Rising US-Iran Tensions

The Pakistan government has increased the prices of petrol and high-speed diesel (HSD), with the revised rates coming into effect from Friday, according to Pakistan-based daily DAWN.

Petrol prices have been raised by Rs 0.45 per litre to Rs 325.43 per litre, while HSD prices have gone up by Rs 1.16 per litre to Rs 383.95 per litre.

The government continues to levy Rs 114 per litre in taxes and duties on petrol and Rs 100 per litre on diesel, according to the Petroleum Division's notification cited by DAWN.

The latest revision comes amid continued fluctuations in international oil prices following renewed hostilities involving Iran and the United States.

HSD prices have declined significantly from their peak of Rs 520.35 per litre recorded on April 3. The price had risen from Rs 281 per litre after the US-Iran conflict broke out on February 28. Similarly, petrol prices had peaked at Rs 458.41 per litre on April 3, after beginning their upward trajectory from Rs 266 in the first week of March.

Earlier, Pakistan Petroleum Minister Ali Pervaiz Malik had announced that fuel prices would be determined on a daily basis in view of volatility in international markets.

The minister said the Cabinet and Prime Minister had decided to give the Oil and Gas Regulatory Authority (OGRA) the responsibility of determining fuel prices daily based on international market trends.

The decision to shift to daily pricing was opposed by the All Pakistan Dealers Association, which said it would consider a protest plan.

The Pakistan government had been announcing weekly fuel price revisions since early March, along with fuel conservation measures amid concerns over possible disruptions to oil supplies due to the conflict in West Asia. In April, the federal government also announced targeted relief measures to provide subsidised fuel.

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