KARACHI: Petrol and diesel prices in Pakistan are likely to see a sharp hike in the coming days, with estimates suggesting an increase of Rs21 per litre for petrol and Rs27 per litre for diesel, sources from the energy and finance sectors revealed on Monday.
The anticipated surge comes as global oil markets react to escalating tensions in the Middle East, particularly the ongoing conflict between Israel and Iran — a development that’s already sending shockwaves through international commodity exchanges.
Financial consultancy Arif Habib Limited (AHL) has projected this steep rise based on recent global price trends. Since June 13, the price of Gas Oil (used for diesel) has jumped by 9.6%, while Gasoline (used for petrol) has climbed 4.5%.
As of June 20, international benchmark prices stood at $93.3 per barrel for Gas Oil and $83.4 per barrel for Gasoline — a sharp uptick that, if sustained, will likely be passed on to Pakistani consumers in the government’s next fortnightly fuel pricing review.
This expected increase will deal another blow to an already struggling economy, where inflation and energy costs continue to squeeze ordinary citizens. Diesel’s price hike, in particular, could trigger a chain reaction, raising transportation costs, increasing agricultural input prices, and pushing up rates for everyday goods.
Experts say this situation highlights how vulnerable Pakistan’s fuel pricing structure is to global market volatility. Because domestic prices are pegged to international trends, any geopolitical instability or supply chain disruption — like the current turmoil in the Middle East — can have an immediate and direct impact at home.
AHL has stressed that these projections are based on present conditions and actual prices will depend on the final decision by OGRA (Oil and Gas Regulatory Authority) and the federal government in their upcoming price announcement.
For now, consumers and businesses alike are bracing for impact — and hoping that the geopolitical temperature cools down before fuel rates boil over.
