Pakistani Fuel Prices Could Hit Rs1,000 per Litre Amid Global Volatility
Petroleum Minister Ali Pervaiz Malik warned that fuel prices in Pakistan could reach Rs1,000 per litre if a shortage emerges due to ongoing hostilities in the Middle East and Houthi attacks on Saudi Arabia. The minister stated that petroleum prices have already risen by 50% in Pakistan, with prices also climbing sharply in Europe and the United States.
Malik emphasized that Houthi attacks are unacceptable and that the government is providing relief to vulnerable segments of society to cushion the impact of rising fuel costs. He mentioned that work has begun on oil wells and the government expects to discover domestic crude oil by October, which could help reduce reliance on expensive imports.
Fuel prices have recorded a sharp increase amid heightened volatility in global oil markets triggered by renewed hostilities in the Middle East and the closure of the Strait of Hormuz. Following the latest price revision, petrol is now being sold at Rs389.14 per litre while high-speed diesel stands at Rs424.04 per litre.
In response to rising prices, Prime Minister Shehbaz Sharif launched a special relief scheme providing a Rs100 per litre discount on petrol for motorcyclists, rickshaw and Chingchi owners and drivers of vehicles up to 800cc.