ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) firmly rejected circulating claims on social media about an impending further increase in petrol and diesel prices. On Tuesday, OGRA’s spokesperson emphasized that no official recommendation suggesting a petrol price hike to Rs73.40 per litre or a diesel increase to Rs84.95 had been forwarded to Prime Minister Shehbaz Sharif. These assertions were labeled as entirely unfounded, with a strong appeal to the public to avoid trusting unverified and misleading information spreading online.
This clarification comes in the wake of the government’s recent announcement of a significant rise in fuel prices, which was attributed to the sharp escalation in global oil rates. The surge in international crude prices is largely linked to the ongoing geopolitical tensions in the Middle East, which have unsettled energy markets worldwide. At a press briefing held in Islamabad, federal ministers confirmed that petrol prices had been increased by Rs55 per litre, marking a substantial adjustment in the cost of fuel for consumers across the country.
Under the revised pricing structure, the cost of petrol has now reached Rs321.17 per litre, while diesel prices have jumped from Rs275.70 to Rs335.86 per litre. This steep increase reflects the government’s response to external pressures on the energy sector, which have made it challenging to maintain previous price levels. The Deputy Prime Minister and Foreign Minister, Ishaq Dar, elaborated on the situation, explaining that the decision was necessitated by a recent spike in international oil prices following an attack on Iran. He further noted that the conflict in the region has intensified over the last 48 hours, involving Turkey and Azerbaijan, which has contributed to the upward pressure on petroleum prices globally.
Meanwhile, Petroleum Minister Ali Pervaiz Malik, who was also present at the briefing, described the price hike as a difficult but unavoidable measure. He stressed that the government is committed to ensuring Pakistan’s energy requirements are met despite the volatile international environment. Malik highlighted the challenges faced by the administration in balancing economic stability with the need to secure adequate fuel supplies for the country’s growing demand.
It is worth noting that fuel price adjustments in Pakistan have a direct impact on inflation and the cost of living, affecting a wide range of sectors including transportation, agriculture, and industry. The government’s decision to increase petrol and diesel rates comes at a time when global markets remain unpredictable due to ongoing geopolitical conflicts. OGRA’s swift response to dispel rumors of further hikes aims to prevent unnecessary panic and misinformation among consumers already grappling with rising expenses.
As the situation develops, authorities continue to monitor international oil trends closely while exploring options to mitigate the impact on the domestic economy. The public is advised to rely on official announcements and avoid spreading unconfirmed reports that could exacerbate uncertainty. This episode underscores the sensitivity of fuel pricing in Pakistan and the broader implications of global events on local markets.
