The government on Friday announced a significant increase in petroleum prices, raising petrol by Rs14.92 per litre and high-speed diesel (HSD) by Rs15 per litre.
Following the latest revision, the new price of petrol has reached Rs414.78 per litre, while HSD will now be sold at Rs414.58 per litre. According to a notification issued by the Petroleum Division, the revised prices came into effect from May 9.
Petrol is primarily consumed by private vehicles, motorcycles, rickshaws, and small transport operators, directly impacting middle- and lower-middle-income households. High-speed diesel, on the other hand, is widely used in heavy transport, agriculture, and industrial generators, making it a key driver of inflation and transportation costs.
The government has been reviewing fuel prices every Friday night amid volatility in international oil markets triggered by the recently paused US-Israeli war involving Iran. The conflict disrupted global energy supply chains and caused a severe fuel crisis following the closure of the Strait of Hormuz, a crucial route for nearly one-fifth of the world’s oil and gas shipments during normal conditions.
After the conflict erupted on February 28, the government initially raised petrol and diesel prices by Rs55 per litre on March 6 and later announced strict austerity measures on March 9.
In subsequent weeks, Prime Minister Shehbaz Sharif claimed he had rejected multiple proposals to further increase fuel prices despite rising international crude oil rates.
However, on April 2, Petroleum Minister Ali Pervaiz Malik and Finance Minister Muhammad Aurangzeb announced a sharp increase of 43 per cent in petrol prices and 55pc in diesel prices, along with a targeted fuel subsidy programme.
A day later, PM Shehbaz reduced the petroleum levy by Rs80 per litre, bringing petrol prices down to Rs378 per litre. On April 10, the premier further cut diesel prices by Rs135 per litre and petrol by Rs12 per litre to provide relief to consumers.
Last week, the government had already increased petrol prices by Rs6.51 per litre and HSD prices by Rs19.39 per litre, continuing the trend of frequent adjustments amid global market uncertainty.
