Petrol Price Hike: Major setback for common people. In light of escalating global tensions, crude oil prices are on the rise. Seizing this opportunity, the Government of Pakistan has decided to increase petrol and diesel prices. Specifically, petrol will see a hike of Rs 5.02 per liter, while high-speed diesel (HSD) will go up by Rs 5.28 per liter. Consequently, the new retail price for petrol will be Rs 375.82 per liter, and HSD will be priced at Rs 403.32 per liter. According to the Petroleum Division’s notification, these new prices will take effect from September 12 (Saturday) through September 14 (Monday).
The government is applying taxes and duties of Rs 114 per liter on petrol and Rs 100 per liter on diesel. On July 17, Petroleum Minister Ali Pervez Malik revealed that fuel prices would now be adjusted daily to reflect fluctuations in international market prices, a change prompted by renewed tensions between Iran and the United States. Prior to this, the government had been announcing weekly price adjustments since early March.
Diesel prices in the US have reached a new high, with the average price exceeding $6 per gallon (approximately Rs 135 per liter). This increase is attributed to the ongoing conflict between Washington and Iran, which has disrupted global fuel supplies. The rise in diesel prices translates to higher transportation costs for a wide range of everyday products, as diesel fuels many freight and distribution systems. Some businesses have already begun to pass these increased costs onto consumers by adding extra fees to online orders and postal packages.
Consumers may experience a significant price increase, particularly at grocery stores. Perishable items such as meat and farm produce are under immediate pressure due to the rising diesel costs.
This week, both the international benchmark Brent crude and US crude oil prices have exceeded $100 per barrel for the first time in several months. At one point, Brent crude nearly reached $108 per barrel. However, prices later eased, with Brent crude dropping 3.19 percent to $104 per barrel.