Global fuel prices have climbed sharply, with diesel and petrol becoming 10 to 12 percent more expensive due to a major hike in freight charges. Industry sources reveal that the shipping cost for oil tankers has increased by nearly 50%, driven by high demand and regional tensions affecting global supply chains.
As of June 12, the freight rate for oil transportation from the Gulf was around $14 per ton. It has now surged to approximately $21 per ton. This rise is significantly affecting the final cost of oil products in international markets and could lead to domestic price hikes in importing countries like Pakistan.
Petrol prices in the global market have risen from $76 to $82 per barrel, while diesel has gone up from $82 to $93 per barrel. Aviation fuel (JP-1) rates have also increased, moving from $80 to $90 per ton. These changes are being closely watched by energy and trade officials worldwide.
The recent price jumps are also tied to increased geopolitical risks, particularly the ongoing conflict between Iran and Israel. The situation has caused disruptions in oil shipping routes and added pressure on international energy supply lines.
Experts warn that if the situation in the Middle East escalates further or shipping disruptions worsen, fuel prices may continue to rise. This could impact inflation, trade balances, and public transport costs in fuel-importing countries, including Pakistan.