ISLAMABAD: The federal government has raised petrol and diesel prices by Rs55 per litre as surging global oil prices, fuelled by the US‑Israel war with Iran, put pressure on domestic energy costs.
The announcement was made by Petroleum Minister Ali Pervaiz Malik in a press conference alongside DPM Ishaq Dar and Finance Minister Muhammad Aurangzeb.
The new price of petrol will be Rs321.17 per litre from Rs266.17; whereas, the diesel rate will be Rs335.86 per litre from Rs280.86 after the review.
This marks the first weekly review of fuel prices since regional tensions threatened a major share of global energy flows following the closure of the Strait of Hormuz.
Previously, the federal government adjusted petroleum prices on a fortnightly basis.
The government has increased the petroleum development levy (PDL) on petrol from Rs84.40 to Rs105 per litre.
At the same time, the levy on high-speed diesel has been reduced from Rs76.21 to Rs55 per litre.
Addressing the presser, Malik said that the government had taken the decision after deliberating on the evolving international market situation.
“We will review these prices on a weekly basis,” he said, adding that the government would reduce prices promptly once the situation improved.
“There is no doubt that we are going through extraordinary circumstances today,” he said.
The petroleum minister said the government had been safeguarding petroleum reserves in recent weeks to ensure an uninterrupted supply across the country.
“Over the past few weeks, we have preserved petroleum reserves and maintained supply according to our available stocks,” he said.
Malik said authorities would take strict action against those involved in hoarding fuel to make illegal profits. “Action will be taken against those who stopped selling petrol in order to make undue profits,” he warned.