Petrol and diesel prices in Pakistan are likely to increase significantly in the upcoming fortnightly review, with high-speed diesel expected to become up to Rs40 per litre more expensive from July 18.

According to reports, petrol prices may also rise by around Rs10 per litre as global oil markets react to renewed tensions between Iran and the United States. The expected increase has raised concerns among consumers and businesses already dealing with high transportation and operating costs.

Officials say the surge in international crude oil prices is the main reason behind the anticipated adjustment. The Middle East remains a key oil-producing region, and any instability in the area often affects global energy markets, leading to higher fuel costs worldwide.

However, the government is reportedly considering reducing the petroleum levy to limit the impact of the increase on consumers. Such a move could help cushion the expected rise and prevent fuel prices from climbing as sharply as current estimates suggest.

Meanwhile, authorities have also stepped up efforts to prevent fuel shortages and market manipulation. The government has directed strict action against individuals and businesses involved in hoarding petroleum products in anticipation of higher prices.

The National Committee on Monitoring and Coordination has taken serious notice of reports of fuel stockpiling by certain market players. The committee has instructed the Oil and Gas Regulatory Authority (OGRA) to take necessary action against those found violating regulations.

The final decision on fuel prices is expected after the government completes its review of international oil trends and tax adjustments.