NEW YORK (Kashmir Eglish): Due to the ongoing tension in the Middle East, the global crude oil prices have reached a two-year high.
Crude oil in the UK has become more expensive than $91 per barrel, a rise of about 7 percent in the price of crude oil in a single day.
West Texas Intermediate crude oil in the US has become more expensive by more than nine percent, reaching a price of about $89 per barrel.
Similarly, the price of natural gas in the global market has also increased by about 3 percent.
Govt massively hikes petrol prices
Earlier, the federal government had 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 Rs 55 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.
