Prime Minister Shehbaz Sharif has stated that, according to current global market rates, the price of petrol in Pakistan could have reached Rs. 544 per litre. However, Pakistani consumers are only paying Rs. 322 per litre (approximately Rs. 321.17), which is much lower.
In a recent address to the nation, the Prime Minister explained that rising tensions in the Middle East, especially the conflict involving Iran, the US, and Israel, have pushed international oil prices sharply higher. This situation created strong pressure for a big increase in local fuel prices. The government received proposals to raise petrol by up to Rs. 76 per litre and diesel even more, but PM Shehbaz rejected them to protect the common man from an extra burden.
He said the government is currently bearing a heavy cost, around Rs. 24 to 69 billion in recent weeks, by absorbing the difference between global and local prices. This decision comes after an earlier hike of Rs. 55 per litre in early March 2026, which had already affected daily life and increased transport and food costs.
By keeping petrol at around Rs. 322 per litre, the government aims to provide relief to millions of Pakistanis, especially ahead of Eid. However, experts warn that if global oil prices stay high for a long time, it will put more pressure on the national budget and economy.
The Prime Minister assured the public that the government is trying its best to control inflation and avoid further fuel price shocks, while closely watching the international situation.
