A person on a motorbike will get his bike refuelled at a store in Quetta, Pakistan
| Photograph Credit score: Reuters
Within the first post-Iran warfare financial shock, Pakistan authorities in an in a single day choice has elevated petrol and high-speed diesel costs by PKR 55 per litre every, the highest-ever hike.
Addressing a press convention simply earlier than midnight, Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Overseas Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb introduced the hike with the comfort that the nation has adequate petroleum reserves.
On account of the hike, the ex-depot value of high-speed diesel was mounted at PKR 335.86 per litre for the approaching week, up by about 20% from PKR 280.86 per litre.
Likewise, the ex-depot value of petrol was revised to PKR 321.17 per litre from PKR 266.17 per litre, reflecting a rise of round 17%.
Israel-Iran warfare LIVE updates – March 7, 2026
Mr. Malik mentioned on the presser that the battle in West Asia created uncertainty in the complete area, offsetting international vitality provide and costs, the Daybreak newspaper reported.
“The hearth that began in a neighbouring nation has unfold throughout the complete area. We have no idea how lengthy this disaster will proceed, and there’s no clear timeline for its finish,” he mentioned.
He added that Pakistan was depending on oil provides passing via the Strait of Hormuz, which had been affected by the continuing battle.
The minister mentioned that the federal government was monitoring the provision facet and warned of strict motion towards hoarding and synthetic shortages of petroleum merchandise within the nation.
He additionally shared that two Pakistani oil vessels had been coming via various routes.
Petrol costs to be reviewed weekly
Mr. Malik mentioned the federal government would now evaluation petroleum costs on a weekly foundation in view of the unstable worldwide market.
“As quickly because the state of affairs improves internationally, we are going to scale back costs on the similar velocity,” he added.
Earlier, Mr. Dar mentioned international oil costs had elevated by 50 to 70% because of the disaster. “In lots of international locations, costs improve routinely, however we tried to cross on the minimal doable impression to shoppers and discover a balanced answer,” he mentioned.
Finance Minister Aurangzeb reiterated that Pakistan at the moment has “snug” petroleum reserves, and that the nation’s financial state of affairs stays steady. Nevertheless, he careworn that policymakers would stay vigilant.
The Daybreak additionally reported that the measure got here after the federal government on Friday (March 6) shelved a proposed nationwide motion plan that envisaged work at home and distance studying measures in response to a possible gasoline disaster, and as a substitute determined to maintain regular actions unchanged for no less than every week.
Lengthy queues
Forward of the worth hike, lengthy queues fashioned at petrol stations throughout a number of cities as motorists rushed to fill their tanks to avail cheaper fuels.
Earlier, the choice to defer a proposed nationwide motion plan, together with work at home and distance studying measures, was taken at a high-level assembly on petroleum product reserves, chaired by Prime Minister Shehbaz Sharif.
“The assembly determined that the plan for work at home and distance studying needs to be deferred for no less than every week as present petroleum reserves are ample to satisfy the nation’s wants,” a supply aware of the assembly advised Daybreak.
A day earlier, the federal government had in precept determined to start weekly petroleum value revisions from March 8 and to implement gasoline conservation measures amid doable provide disruptions because of the West Asia disaster.
Revealed – March 07, 2026 12:36 pm IST