Pakistan is expected to revise fuel prices from July 18 as soaring global crude oil prices and Middle East tensions drive up import costs, while authorities move to curb fuel hoarding.
ISLAMABAD: Pakistan is expected to announce a significant increase in fuel prices in its upcoming fortnightly review, with high-speed diesel likely to rise by Rs40 per litre and petrol by around Rs10 per litre, according to official estimates.
The revised prices are expected to take effect from 12:10 a.m. on July 18, subject to final approval by the federal government. The anticipated increase follows a sharp rise in international crude oil prices amid escalating geopolitical tensions involving Iran and the United States.
Officials said higher global oil prices have increased Pakistan’s petroleum import costs, making an upward revision in domestic fuel prices likely. To cushion the impact on consumers, the government is considering reducing the petroleum levy on fuel products. A final decision on the levy is expected before the revised prices are announced.
Meanwhile, authorities have intensified efforts to prevent fuel shortages and profiteering. The National Committee on Monitoring and Coordination (NCMC) has directed the Oil and Gas Regulatory Authority (OGRA) to take immediate action against alleged hoarding of petroleum products by traders and fuel dealers anticipating higher prices.
Provincial administrations and relevant departments have also been instructed to closely monitor fuel stations and oil depots to ensure uninterrupted supplies and prevent artificial shortages.
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