Pakistan Braces for Sharp Fuel Price Hike as Petrol May Cross Rs400 Per Litre
Islamabad: Pakistan may witness a significant increase in petroleum product prices following a sharp rise in global crude oil rates, raising concerns that petrol prices could potentially cross the historic Rs400 per litre mark.
According to recent international market data, Brent crude oil rose by $2.99 to reach $111.22 per barrel as of April 28, while U.S. crude oil increased by $3.66, crossing the $100.03 per barrel level.
Analysts say sustained upward pressure in global oil prices could directly impact Pakistan’s upcoming fuel price review, leading to a fresh surge in domestic petroleum rates. The country relies heavily on imported fuel, making it highly vulnerable to fluctuations in the international market.
Experts attribute the recent spike to rising geopolitical tensions in the Middle East, particularly growing friction between the United States and Iran and stalled diplomatic negotiations, which have created uncertainty in global energy markets.
Sources indicate that if current trends continue, petrol prices in Pakistan may surpass Rs400 per litre, placing additional pressure on inflation already affecting consumers. Economists warn that the public could face another severe inflationary shock in early May if global oil prices remain elevated.
Officials also note that petroleum levy collections are nearing the annual target of Rs1,468 billion, while discussions are ongoing regarding further adjustments in the levy structure, which could further influence final fuel prices.
