ISLAMABAD (Kashmir English): The federal government has increased the diesel and petrol prices by Rs55 per litre starting tonight, Petroleum Minister Ali Pervaiz Malik said, citing the surge in global prices due to the ongoing Iran-Israel and US military conflict.
Addressing the press conference along with Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb, the petroleum minister said that the new petrol price has been fixed at Rs321.17 per litre, effective from March 7, 2026.
Similarly, diesel price, with an increase of Rs55 per litre, would now be available for Rs 335.86 per litre from 275.7.
According to the sources, government officials told the Prime Minister in a briefing today that due to the sudden rise in global prices, an increase of about Rs 110 per liter is necessary in Pakistan.
However, the Prime Minister, while giving relief to the public, instructed that the increase should be reduced and limited to about Rs 55 to 60 per liter, sources said.
According to experts, if fuel prices in Pakistan are not aligned with global market levels, smuggling may increase due to cheap fuel. In such a case, the risk of fuel being illegally diverted to Afghanistan and India increases, which may cause further economic loss to Pakistan.
Talking to the reporters, Ishaq Dar said that the new prices will come into effect from midnight.
He began by talking about the ongoing war between Iran and the US and Israel, adding that the conflict had spilled over. In this scenario, he continued, the prices of petroleum products were soaring high.
“There has been an increase of 50 per cent to 70 per cent in various products,” he noted, adding that in other countries, the trickle-down effect was visible with an automatic increase in [petroleum] prices.
Earlier, a meeting chaired by Deputy Prime Minister Ishaq Dar was held to review petroleum product reserves and the rise in global prices.
The meeting considered the recommendations of the Ministry of Petroleum for changing the prices, while the new price for petroleum products will be effective from tonight.
Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervez Malik, OGRA, and PARCO officials also attended the meeting.
Weekly revision of petrol prices approved
Earlier today, Prime Minister Shehbaz Sharif had approved the weekly revision of prices of petroleum products in view of the changing regional situation, Geo News reported.
Currently, the revision of prices of petroleum products is being done after every fortnight. The federal cabinet gives final approval to the price revision summary submitted by the Oil and Gas Regulatory Authority (Ogra).
A meeting of the Committee on Petroleum Products Stock and Consumption was held under the chairmanship of Prime Minister Shehbaz Sharif, in which the Finance Minister briefed the Prime Minister.
According to sources, the committee submitted recommendations regarding the determination of weekly prices of petroleum products, which were approved by the premier.
Sources said that the Economic Coordination Committee (ECC) will give recommendations regarding the weekly prices of petroleum products. After approval from the ECC, the federal cabinet will give final approval to the summary of petroleum products.
