Fuel prices in Pakistan are expected to go up from July 16, as international petroleum prices continue to surge. Sources in the petroleum industry revealed that petrol may see a Rs 6.60 per litre increase, while high-speed diesel (HSD) could become Rs 5.27 per litre costlier for the next 15 days. The price change is part of the government’s regular mid-month review.
If approved, the new price of petrol will be Rs 273.39 per litre, reflecting a 2.5% hike. Diesel will likely cost Rs 278.25 per litre, showing a 1.9% increase. Officials say the main reasons for this expected rise are the higher international oil prices, a weaker rupee, and adjustments in petroleum levy (PL). These changes directly impact Pakistan’s domestic pricing formula.
Meanwhile, prices of other fuels may slightly decrease. Kerosene oil is expected to go down by Rs 3.74 per litre, and light diesel oil (LDO) may drop by Rs 2.23 per litre. Although helpful for certain sectors, these cuts will not ease pressure on public transport and goods movement, where petrol and diesel remain key fuels.
The global oil market is under pressure after former U.S. President Donald Trump warned of stricter sanctions on Russia if it continues the war in Ukraine. As a result, crude oil prices have crossed $71 per barrel, making petroleum imports more expensive for countries like Pakistan. Economists warn that if the war escalates further, prices may rise again.
Pakistan, which heavily depends on fuel imports, faces a direct hit whenever global oil prices rise. Consumers are already burdened with inflation, and rising transport costs due to fuel hikes could make everyday essentials more expensive. Experts suggest the government may face public backlash if relief measures are not introduced soon.