Pakistan Expected to Announce New Petroleum Prices Today Amid Possible Increase

ISLAMABAD — The government of Pakistan is expected to announce new prices for petroleum products on Friday, with reports indicating a possible increase due to rising global oil prices.

According to media reports, the surge in international crude oil prices may push local fuel rates higher. Sources said the country currently has sufficient oil reserves for the month of March, but the sharp rise in global prices has forced authorities to review domestic fuel pricing.

In the international market, the price of Brent Crude has crossed $100 per barrel, raising concerns about its impact on fuel prices in Pakistan.

Meanwhile, the federal government has also started implementing austerity measures aimed at reducing expenses and limiting fuel consumption. As part of these efforts, a public holiday was observed in Islamabad to reduce fuel usage.

The government has also imposed a ban on the export of jet fuel and certain petrochemical products in an effort to manage domestic energy supplies.

Earlier, Federal Minister for Petroleum Ali Pervaiz Malik said that the official announcement regarding the new petroleum prices would be made on Friday. He added that the revised rates would be determined by considering the average prices in global markets.

Last week, the government had already increased the prices of petrol and diesel by Rs55 per litre, citing rising tensions in the region and the surge in international oil prices. Officials say the situation continues to be closely monitored for further adjustments.