ISLAMABAD – The federal government has announced a sharp increase in fuel prices for the first half of July, citing rising global oil rates in the wake of escalating conflict between Israel and Iran.
According to a notification issued by the Ministry of Finance:
- The price of petrol has been increased by Rs8.36, reaching Rs266.79 per litre.
- The price of high-speed diesel (HSD) has gone up by Rs10.39, now costing Rs272.98 per litre.
The new prices came into effect on July 1 and will remain in place until July 15, subject to the next review.
The increase follows a surge in international crude oil prices driven by fears of supply disruption after Israeli airstrikes on Iranian installations. The Oil and Gas Regulatory Authority (OGRA) assessed global trends and recommended the price adjustment to the government.
Economic analysts have warned that the latest fuel price hike is likely to exert further pressure on inflation, particularly affecting transportation, logistics, and agricultural sectors. The increase in diesel prices is expected to raise the cost of goods and services nationwide.
Government officials have urged the public to conserve energy and fuel resources while assuring that adequate reservesare in place to meet national demand. Emergency import arrangements have also been made to stabilize domestic supply.
This is the second fuel price hike in recent weeks, underscoring the vulnerability of Pakistan’s economy to external geopolitical shocks.
Reported by PakTribune Business Desk
All rights reserved.