Pakistan's Historic Fuel Price Surge Amid Middle East Crisis

In a historic move, Pakistan has raised petrol and high-speed diesel prices to an unprecedented PKR 55 per litre each. The hike, attributed to Middle East instability affecting global oil supply, comes amid assurances of sufficient reserves. The government will review prices weekly and warns against hoarding.

In an unprecedented overnight decision, the Pakistan government has substantially increased petrol and diesel prices by PKR 55 per litre each, marking the highest hike in history. The announcement, made by top officials including Petroleum Minister Ali Pervaiz Malik, comes as a repercussion of the ongoing unrest in the Middle East.

During a late-night press conference, it was disclosed that high-speed diesel now costs PKR 335.86 per litre, up 20% from the previous week, while petrol prices rose 17% to PKR 321.17. The government cited disruptions in oil supplies through the Strait of Hormuz as a key factor in the decision.

The administration has assured the public of ample petroleum reserves while promising weekly price reviews. Finance Minister Muhammad Aurangzeb noted global oil price surges of 50-70% but stressed the country's stable economic condition. Long queues formed at petrol stations as citizens sought last-minute purchases before the prices took effect.

(With inputs from agencies.)