ISLAMABAD: Petrol and diesel prices are expected to increase in Pakistan as rising global crude oil prices, driven by the recent Iran-US tensions, are likely to impact the upcoming fuel price revision.
According to media reports, the government is expected to announce new petroleum prices effective from July 18. High-speed diesel could become costlier by up to Rs40 per litre, while petrol prices may increase by around Rs10 per litre.
The surge in international oil prices follows heightened geopolitical tensions in the Middle East, pushing up crude prices in the global market.
Reports said the government is also considering reducing the petroleum levy to cushion consumers from the full impact of the expected increase.
Meanwhile, authorities have decided to crack down on hoarding and artificial shortages of petroleum products. The National Committee on Monitoring and Coordination has directed the Oil and Gas Regulatory Authority (OGRA) to take strict legal action against hoarders and ensure an uninterrupted supply of fuel across the country.
Economic experts say fluctuations in global oil prices remain a major challenge for oil-importing countries like Pakistan.
They stress that while action against hoarding is necessary, long-term energy security will require greater investment in alternative energy sources and measures to reduce dependence on imported fuel.
