ISLAMABAD: The federal government is set to announce revised prices for petrol and diesel on Friday. Petroleum Minister Ali Pervaiz Malik confirmed the development while referring to rising global oil prices and continuing tensions in the Middle East.
While speaking to the media, Ali Pervaiz Malik said the new prices would be determined on the basis of average petroleum product rates. He added that it is still uncertain whether petrol prices will go up.
At the same time, Federal Finance Minister Muhammad Aurangzeb pointed out that international petroleum prices are increasing. He said the International Monetary Fund has also issued a press statement observing the possible effects of the Middle East conflict on Pakistan’s economy. According to him, if the situation continues, the country may face more pressure on external payments and remittances could also be affected.
The government had already increased petrol and diesel prices by Rs55 per litre last week due to rising global oil rates and instability in the region.
The announcement expected on Friday may bring further adjustments in line with changes in the international market.
Analysts believe that the ongoing geopolitical situation in the Middle East along with increasing crude oil prices, is putting pressure on Pakistan’s local fuel prices. They say timely government decisions remain important for both consumers and businesses.
The petroleum minister asked the public to follow official updates about the new prices. He said the government intends to set fuel prices in a transparent manner based on average market rates while keeping both consumer affordability and economic stability in mind.
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The price revision on Friday will apply to petrol, diesel, kerosene and other petroleum products. Authorities are closely watching global crude oil trends and regional developments before finalising the new rates.
The upcoming announcement is likely to affect transport costs, logistics and household budgets across Pakistan as fuel prices play a key role in inflation and overall economic activity.