Pakistan Fuel Crisis:Fuel prices in Pakistan have surged sharply as the ongoing Middle East conflict disrupts global energy supplies. The Pakistani government on Friday increased petrol and diesel prices by Rs 55 per litre, raising petrol to Rs 321 per litre and high-speed diesel to Rs 336 per litre, the Express Tribune reported. Officials said this could be the first of several price hikes if the war in West Asia continues.
The increase comes as global oil markets are under pressure after the conflict between United States, Israel, and Iran disrupted energy supply routes and pushed crude oil prices to their highest levels in two years.
Tensions escalated sharply after air strikes by the United States and Israel killed Ali Khamenei, Iran’s Supreme Leader, along with several senior officials. Iran later retaliated with attacks on US military bases across Gulf countries.
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Iran has also closed the Strait of Hormuz, a critical shipping route through which a large share of the world’s oil passes. The disruption has affected shipping and energy exports across the region.
Like many developing economies, Pakistan relies heavily on imported fuel. The supply disruption has forced the government to review its energy strategy.
Pakistan’s Petroleum Minister Ali Pervaiz Malik announced the new fuel prices after Prime Minister Shehbaz Sharif approved a weekly price adjustment mechanism.
Malik said global prices had risen sharply in just a few days.
“The fundamental issue we face is that we do not know how long this crisis will persist,” Malik said.
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