ISLAMABAD – Diesel price has been increased for another day as the government pushed rate above Rs402 per litre, amid mounting tensions in the Middle East and rising international crude oil prices.
The latest adjustment has taken diesel prices to Rs402.96 per litre, following an increase of Rs2.29, while petrol consumers have been spared another hike, with the price remaining unchanged at Rs377.91 per litre. The revised rates came into effect on October 31 and will remain applicable until November 2, 2026, according to the Oil and Gas Regulatory Authority (OGRA).
The decision comes at a time when global energy markets are facing renewed uncertainty, with fears of fresh American military strikes against Iran raising concerns about oil supplies and future fuel costs.
With another Rs2.29 added to the price, diesel has become Rs3.14 costlier within two days, putting additional pressure on transport operators, farmers, businesses and industries that rely heavily on the fuel. Petrol, meanwhile, has remained unchanged at Rs377.91 per litre throughout both revisions.
The surge comes against the backdrop of another surge in international crude oil prices, with traders increasingly concerned about a possible escalation of the US-Iran conflict. Market fears have intensified over the prospect of further American strikes against Iran following the US midterm elections, adding fresh uncertainty to an already volatile energy market.
An attack on an oil tanker in the Strait of Hormuz, one of the world’s most important oil transportation routes, has further highlighted the risks facing international petroleum supplies.
Oil prices climbed on Friday and were heading towards a fourth consecutive monthly gain as investors weighed the possibility of wider regional disruptions.
The latest diesel hike has renewed concerns about the impact of international oil market volatility on Pakistan’s domestic fuel prices. High-speed diesel plays a crucial role in the country’s economy, powering heavy vehicles, agricultural machinery and commercial transport. Sustained increases in diesel prices can raise transportation and distribution costs, potentially putting upward pressure on food prices and other essential commodities.
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