Rising tensions in the Middle East are pushing global crude oil prices higher, raising fears of a massive increase in petroleum prices in Pakistan.

Sources indicate that petrol and diesel prices may witness another major and historic hike, potentially taking fuel prices to their highest level in the country’s history. The expected surge is linked to continuous volatility in international oil markets.

According to reports, petrol prices could increase by up to Rs 55 per litre, while high-speed diesel may see a sharp rise of Rs 75 per litre. This potential increase has sparked concern among consumers already struggling with inflation.

Officials said the Oil and Gas Regulatory Authority will send its price calculation summary to the Petroleum Division within the next two days. The final decision on any price adjustment will be taken by Shehbaz Sharif.

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Sources further revealed that the government is considering a phased increase over two weeks instead of implementing the full hike at once. However, there is also a possibility that subsidies may be used to keep prices at current levels, depending on economic conditions.

It is worth noting that after the recent Iran-US tensions, fuel prices were increased on March 7, pushing petrol to Rs 321 17 per litre and diesel to Rs 335 86 per litre.

Previously, a summary proposing a price hike was sent to the government, but authorities decided to maintain petrol and diesel prices, while increasing kerosene rates and imposing higher levies on high-octane fuel.