Significant Price Hike Announced
On March 11, 2026, the Pakistani government announced a substantial increase in petrol prices, raising the cost by 55 Pakistani rupees per litre. This adjustment brings the ex-depot price of petrol to 321.17 Pakistani rupees per litre, up from 266.17 rupees, marking an increase of approximately 17 percent.
Diesel Prices Also Rise
In addition to petrol, the ex-depot price of high-speed diesel was set at 335.86 Pakistani rupees per litre, reflecting a 20 percent increase from the previous price of 280.86 rupees. This surge in fuel prices comes amid a backdrop of rising global oil costs influenced by geopolitical developments.
Global Context of Rising Fuel Prices
Since the onset of attacks on Iran by the US and Israel on February 28, at least 85 countries have reported increases in petrol prices. For instance, in the United States, the average price of regular petrol rose from $2.94 per gallon in February to $3.58, a notable increase of 20 percent. Vietnam experienced one of the highest increases, with petrol prices soaring nearly 50 percent from $0.75 to $1.13 per litre.
In India, petrol prices in Delhi remain at ₹94.77 per litre, while diesel is priced at ₹87.67 per litre. Additionally, domestic LPG prices have risen by approximately ₹60 for a 14.2-kg cylinder, bringing the total cost to around ₹913.
Public Concerns and Speculation
Local residents have expressed concerns regarding potential shortages, with Dhruv Ruparel stating, “There is a shortage of LPG, and people are speculating that there’s a shortage of petrol and diesel as well.” This sentiment reflects the anxiety surrounding fuel availability amid rising prices.
Analysts suggest that crude oil prices may stabilize around $100 per barrel, but the exact impact of ongoing geopolitical tensions on future petrol prices remains unclear. Details remain unconfirmed.
The recent price adjustments in Pakistan’s petrol market highlight the interconnectedness of local fuel prices with global geopolitical events, underscoring the challenges faced by consumers in the region.
