Pakistan Petrol Price: Sharif Govt's Latest Hike Sends Fuel To Rs 321 Per Litre

While global oil markets remain volatile due to rising tensions in West Asia, the contrast between India and Pakistan's fuel situation has once again become a talking point. Even as India continues to maintain relatively stable fuel prices, Pakistan has been forced to announce a massive hike, exposing the economic pressure facing its energy sector.

In a dramatic move, Pakistan increased petrol and high-speed diesel prices by Rs 55 per litre, one of the steepest hikes in the country's history. The announcement came from Petroleum Minister Ali Pervaiz Malik during a press conference attended by Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

The sudden price revision pushed petrol prices in Pakistan to Rs 321.17 per litre, up from Rs 266.17, while the price of high-speed diesel surged to Rs 335.86 per litre, compared to the previous Rs 280.86. The hike took effect from Saturday, triggering panic buying across the country.

Scenes of chaos were reported in several cities, where long queues formed outside petrol pumps as motorists rushed to fill their tanks before the new rates kicked in. In some areas, fuel stations reportedly shut down temporarily to avoid selling petrol at the older, cheaper price.

The Pakistani government attributed the hike to the ongoing geopolitical tensions affecting global oil supplies. According to Malik, the conflict in the region has created deep uncertainty in energy markets and pushed international crude prices sharply upward.

Pakistan's vulnerability lies in its heavy reliance on imported oil, particularly shipments that pass through the strategically crucial Strait of Hormuz. With tensions affecting shipping routes, authorities admitted the situation remains unpredictable.

Meanwhile, global oil prices have surged dramatically. According to international reports, US crude oil futures jumped above $90 per barrel, while Brent crude climbed to around $92 per barrel, edging closer to the psychologically significant $100 mark.

However, the situation across the border in India tells a very different story.

Despite the same global volatility, fuel prices in India have remained stable for the second consecutive day. As of March 7, petrol in New Delhi is priced at Rs 94.77 per litre, while diesel stands at Rs 87.67 per litre. There has been no change in the rates despite international crude fluctuations.

Industry observers point out that India's diversified energy strategy and strong diplomatic balancing have played a crucial role in maintaining price stability. New Delhi has continued to purchase discounted crude from Russia even during periods of geopolitical tension, ensuring that domestic supply chains remain secure.