Petrol now at PKR 321.17 and diesel at PKR 335.86 per litre
PTI
Islamabad, Updated At : 11:20 AM Mar 07, 2026 IST
People wait for their turn to get fuel at a petrol station, amid the US and Israeli conflict in Iran, in Karachi in Pakistan on Friday. Image credit/Reuters
In an overnight move described as the largest single increase to date, the Pakistani government raised petrol and high-speed diesel prices by PKR 55 per litre each, citing spillover effects from the Middle East conflict.
Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb announced the hike at a late-night press conference, assuring the public that the country’s petroleum reserves are adequate.
Following the increase, the ex-depot price of high-speed diesel was set at PKR 335.86 per litre, up from PKR 280.86 — roughly a 20% rise. Petrol’s ex-depot price was revised to PKR 321.17 per litre from PKR 266.17, an increase of about 17%.
Malik said the regional fallout from the Iran-related conflict has disrupted global energy supplies and raised prices. “The fire that started in a neighbouring country has spread across the entire region. We do not know how long this crisis will continue, and there is no clear timeline for its end,” he said.
He noted Pakistan’s reliance on oil shipments through the Strait of Hormuz, which have been affected by the ongoing tensions. The minister warned authorities would act firmly against hoarding and artificial shortages of petroleum products and said two Pakistani oil vessels are en route via alternative routes.
The government will now review and set petroleum prices on a weekly basis to respond to volatility in international markets. “As soon as the situation improves internationally, we will reduce prices at the same speed,” Malik added.
Dar said global oil prices have risen by 50 to 70 percent because of the crisis. He said Pakistan tried to limit the burden on consumers and find a balanced approach, noting that in many countries prices adjust automatically.
Finance Minister Aurangzeb said Pakistan currently has “comfortable” petroleum reserves and that the country’s economic situation remains stable, though policymakers will stay vigilant.
The price increase followed the government’s decision to shelve a proposed national action plan that would have included work-from-home and distance-learning measures in anticipation of a fuel crisis. Authorities decided to keep normal activities unchanged for at least a week, after a high-level meeting on petroleum reserves chaired by Prime Minister Shehbaz Sharif.
“Ahead of the price hike, long queues formed at petrol stations across several cities as motorists rushed to fill their tanks to avail cheaper fuels,” the Dawn newspaper reported.
A day earlier, the government had decided in principle to begin weekly petroleum price revisions from March 8 and to implement fuel-conservation measures amid the possibility of supply disruptions due to the Middle East situation.
