Government Says It Tried to Absorb Global Oil Price Hike Amid Fuel Price Increase

Islamabad: Federal Petroleum Minister Ali Pervaiz Malik has stated that the government has tried its best to absorb the impact of rising global petroleum prices before passing on the burden to consumers.
In an official statement, he said that escalating regional tensions have once again pushed international oil prices upward, creating financial pressure on Pakistan’s fuel import agreements and obligations with global partners. As a result, the government has been compelled to adjust domestic fuel prices.
He confirmed that diesel and petrol prices have been increased by Rs26.77 per litre each for the coming week. The minister added that “as much as possible, the government has absorbed the impact of global price increases,” and highlighted that both federal and provincial governments had previously provided significant relief to the public.
He further expressed hope that regional stability would improve soon, which could eventually allow relief in petroleum prices for consumers.
However, the announcement comes amid strong public reaction over a sharp overnight increase in fuel prices. The federal government recently raised petrol and diesel prices by Rs26.77 per litre, taking petrol to Rs393.35 per litre and diesel to around Rs381.19 per litre, with the new rates effective from midnight.
The increase coincides with a surge in global oil markets, where Brent crude and U.S. crude prices have climbed to their highest levels in recent weeks. According to international reports, Brent crude rose to around $106.80 per barrel, marking nearly a 5% increase compared to previous sessions, with prices previously crossing the $100 mark.
The government maintains that the domestic adjustment was necessary due to international market pressures and contractual obligations.