What happened
Pakistan’s government announced on Friday 6 March that it would raise the ex-depot price of petrol by Rs55 a litre and high-speed diesel by Rs55 a litre, after the war involving Iran paralysed shipping through the Strait of Hormuz and pushed international crude prices sharply higher.
Petroleum Minister Ali Pervaiz Malik announced the increase at a press conference in Islamabad alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. Petrol was fixed at Rs321.17 per litre, up from Rs266.17 — a rise of about 17 per cent — while high-speed diesel was set at Rs335.86 per litre, up from Rs280.86. Dar said the new prices would take effect from 12am on Saturday 7 March, and Malik said they would now be reviewed on a weekly basis.
Malik said Pakistan was facing “unusual circumstances” and that “the fire that ignited in our neighbourhood has engulfed the entire region”, adding that “we do not know how long this crisis will persist”. He described the increase as a “difficult decision” needed to prevent a disruption in petroleum supplies, and promised the government would revise prices down quickly once the situation settled.
Pakistan Today reported that petrol was trading at about $106.80 a barrel on 6 March and diesel at nearly $150 a barrel in global markets. The Nation reported that Brent crude rose above $90 a barrel for the first time since April 2024 as fears grew that prolonged instability could choke flows through the Strait of Hormuz, a conduit for roughly a fifth of the world’s oil supply.
Why it matters
Pakistan relies heavily on imported energy, and the closure of the Hormuz route has disrupted both crude and liquefied natural gas arrangements. Pakistan Today reported that QatarEnergy had issued a force majeure notice because of the war-related disruption, forcing Islamabad to look for alternative supply. Malik said two Pakistan National Shipping Corporation vessels were heading to the ports of Yanbu and Fujairah, and that Saudi Aramco had assured Pakistan it would load a larger vessel at Yanbu if one were arranged so crude could keep reaching local refineries.
The price rise came as the government moved to prevent shortages. Prime Minister Shehbaz Sharif, chairing a high-level meeting on petroleum products the same day, directed provincial governments to take strict legal action against hoarding and said any petrol pump found creating an artificial shortage should be immediately closed, its licence cancelled and legal proceedings begun, according to a PMO handout. He also ordered a real-time dashboard to track the movement of petroleum products and instructed the petroleum minister to prepare a conservation and supply plan with the provinces. Finance Minister Aurangzeb told the meeting there was no immediate fuel shortage but warned the situation could worsen if the war dragged on.
The Oil and Gas Regulatory Authority said the country held sufficient stocks to meet national demand and urged the public not to panic-buy, warning of strict action against illegal hoarding. KhabarWire reported the previous day on the cabinet committee’s in-principle fuel-contingency measures, including weekly pricing from 8 March and a possible return of work-from-home and distance learning.
What is still uncertain
The government did not say how long the higher prices would remain, beyond saying they would be reviewed weekly and reduced once global markets stabilised. The scale of the disruption to liquefied natural gas supplies and the timing of alternative crude deliveries through Yanbu and Fujairah were not settled, and officials said the outlook depended on how long the regional conflict lasts. The enforcement of the anti-hoarding directive and the actual level of national fuel stocks were not independently verified.
Sources & reporting notes
This is a synthesis of published material, not eyewitness reporting. Sources were reviewed on 2026-03-06.
- Dawn — Govt hikes petrol, high-speed diesel prices by Rs55 per litrePublished 6 March 2026 · The announcement, the new ex-depot rates, the midnight effective date and the weekly review.
- The Nation — Rs55 fuel shock: Country braces for energy crunch as Mideast burnsPublished 7 March 2026 · Global barrel prices, the Brent crude benchmark and the prime minister's anti-hoarding instructions.
- Pakistan Today — Govt drops 'petrol bomb' as petrol, diesel prices raised by Rs55/litrePublished 6 March 2026 · The QatarEnergy force majeure notice, the daily price levels and demand-management discussion.
