Islamabad (National Times) The government has announced the largest increase in petroleum prices in the country’s history, significantly raising the prices of petrol and diesel amid rising global oil costs.
According to official details, petrol prices have been increased by Rs. 137.23 per litre and diesel by Rs. 184.49 per litre. Following the hike, petrol will now be available at Rs. 458.40 per litre, while diesel will cost Rs. 520.35 per litre. The new prices will come into effect from midnight on April 3.
Federal Minister for Petroleum Ali Pervaiz Malik and Finance Minister Senator Muhammad Aurangzeb addressed a joint press conference, attributing the decision to unprecedented volatility in international oil markets and ongoing geopolitical tensions in the الخليج region.
The Petroleum Minister stated that a high-level meeting chaired by the Prime Minister, attended by provincial chief ministers, military leadership, and senior officials, concluded that fuel subsidies can no longer be broadly extended and must be targeted toward specific segments.
He noted that Pakistan imports around 90% of its oil from Dubai and Oman, where prices have surged sharply, with diesel crossing $250 per barrel in international markets.
To cushion the impact on vulnerable groups, the government has announced limited relief measures. The Finance Minister revealed that motorcycle users will receive a subsidy of Rs. 100 per litre on up to 20 litres per month for a period of three months.
Additionally, subsidies have been introduced for transport and freight sectors, including monthly financial support for various vehicle categories. Small farmers will receive a one-time subsidy of Rs. 1,500 during harvest season.
The Finance Minister further stated that the subsidy framework will be reviewed after one month, and support will also be extended to Pakistan Railways to benefit lower-income passengers.
In an effort to conserve energy, the government has also decided in principle to restrict market operating hours to daytime, with final schedules to be determined in consultation with provincial authorities next week.