ISLAMABAD:
Amid a blockade of the Strait of Hormuz due to the Iran-US conflict, the government on Thursday increased the price of high-speed diesel (HSD) by Rs 19.39 per litre and the price of petrol by Rs 6.51 per litre for one week.
According to a notification issued by the Petroleum Division, HSD will now be sold at Rs 399.58 per litre, up from Rs 380.19, while petrol will be available at Rs 399.86 per litre compared to the previous rate of Rs 393.35, reflecting an increase of Rs 6.51 per litre.
High-speed diesel is widely used in the transport and agriculture sectors. With the sowing season under way, the sharp increase in its price is expected to negatively affect the agriculture sector, where input costs are already high. Fertiliser prices have also risen due to increased transportation costs.
Petrol is primarily used by motorcycles and cars. The prime minister had earlier announced a subsidy of Rs 100 per litre for motorists. Petrol also serves as an alternative to compressed natural gas (CNG), but Punjab lacks indigenous gas for CNG outlets, increasing demand for petrol.
Meanwhile, amid global tensions, reports emerged of disruptions in oil supplies due to the situation in the Strait of Hormuz, which handles around 20% of global oil shipments. Global oil prices have surged amid concerns over supply shortages, while several Gulf countries have also faced logistical challenges.
In a separate statement, the Petroleum Division rejected reports of petrol pump closures from May 1. The Oil Companies Advisory Council (OCAC) also dismissed rumours circulating on social media about a five-day shutdown of fuel stations.
Pakistan currently holds 28 days of petrol and 34 days of diesel stocks, according to the statement. It stated that all petrol pumps will remain operational and fuel will continue to be supplied to consumers. The public was urged to ignore “negative publicity on social media by unscrupulous elements.”
An Oil and Gas Regulatory Authority (Ogra) spokesperson also rejected claims of an alleged strike by the Petroleum Dealers Association, calling the reports false and misleading. “No such strike has been announced by any petroleum-related association,” the spokesperson said, adding that the public should rely only on verified official sources. “This clarification is issued in the public interest.”
