The federal government announced new petroleum prices late at night after holding several meetings to review the situation. Officials said the decision was taken after consultations with different stakeholders and discussions about developments in the region.
Authorities said the new petrol and diesel prices will come into effect from midnight. The government reviewed global oil market changes and local supply conditions before making the final decision.
Petroleum Minister Ali Pervaiz Malik said the government carefully examined the situation before announcing the price hike. He thanked Deputy Prime Minister Ishaq Dar and the finance minister for guiding the petroleum division during the difficult situation.
He explained that uncertainty in the region has made it difficult to predict how long the situation will continue. Because of this uncertainty, the government had already taken steps to strengthen petroleum reserves in the country.
The minister also warned that strict action would be taken against petrol pumps that tried to create an artificial shortage. He said the prime minister had directed authorities to act against those who attempt to cause unnecessary panic in the market.
To improve supply, two oil ships are expected to arrive in Pakistan soon. Officials believe these shipments will help ease pressure on fuel supplies and prevent a major energy crisis.
Read more: Dealers warn petrol stations could close from Monday amid supply crisis
Earlier, a meeting chaired by Deputy Prime Minister Ishaq Dar reviewed the country’s petroleum stock levels and recent increases in global oil prices. The meeting also discussed recommendations from the petroleum ministry about adjusting fuel prices.
Senior officials from the finance ministry, petroleum division, commerce ministry, railways ministry, OGRA, PARCO and other departments attended the meeting.
Meanwhile, Pakistan Petrol Pump Owners Association leader Nauman Ali Butt said the petroleum sector is currently facing supply challenges. He explained that several oil marketing companies are not providing dealers with the required amount of fuel stock.
According to him, only Pakistan State Oil is supplying petrol to dealers in sufficient quantities. Because of supply concerns and possible price increases, many people have started buying more petrol than usual.
This panic buying has caused heavy crowds at many petrol pumps across the country. Citizens are trying to purchase extra fuel before prices increase further.
The petrol pump owners association appealed to the public not to panic. They asked citizens to avoid unnecessary stockpiling of petrol and assured that the situation remains under control.
The association also said it supports the government and believes fuel supply conditions will improve soon.
The sudden increase in petrol and diesel prices may put more pressure on people already facing high living costs. Transport fares and daily expenses could rise in the coming days.
However, the government says the decision was necessary due to global oil prices and regional tensions. If the situation improves and supply stabilizes, authorities may review petrol and diesel prices again.
