Web Desk: Federal government has eased petrol and diesel prices by Rs5 each late Friday, with media reports prior indicating a possible increase that could push petrol and diesel rates to historic highs amid rising international oil costs and ongoing fiscal commitments tied to the International Monetary Fund (IMF).
Speculation surrounding the upcoming fuel adjustment intensified after reports suggested petrol prices could approach Rs430 per litre if the government passes on higher global energy costs to consumers.
The anticipated revision comes as international crude oil prices continue to climb, increasing pressure on Islamabad to adjust domestic fuel prices in line with global market trends. According to local reports, Pakistan’s economic managers are also navigating IMF-backed fiscal conditions after securing a loan disbursement of approximately $1.32 billion. The lender has encouraged authorities to reduce subsidy burdens and reflect international fuel price movements in domestic pricing mechanisms.
Meanwhile, concerns keep mounting that another upward revision in fuel costs could further strain household budgets and business expenses in an economy already grappling with inflation.
Reports also indicate that discussions are underway regarding higher fuel-related taxation measures to help narrow Pakistan’s fiscal deficit. In an earlier policy review, the government raised the Petroleum Development Levy (PDL) on petrol to Rs117.41 per litre.
At present, petrol is retailing at Rs419.78 per litre, while high-speed diesel stands at Rs419.58 per litre. If a new increase is approved, both products were likely to climb Rs430 per litre, marking one of the highest fuel price levels in the country’s history.
The latest review follows a recent increase approved by Prime Minister Shehbaz Sharif, under which petrol prices rose by Rs5 per litre and diesel by Rs5 per litre.
The Ministry of Finance has issued a notification regarding revised petroleum prices around midnight following consultations with Prime Minister Shehbaz Sharif.
Any increase in fuel prices continues to hyper public concern, particularly as higher fuel costs typically trigger broader increases in transportation fares, edibles and commodities.
