Significant Price Hike in Pakistan
The Pakistani government has announced a dramatic increase in petrol prices, raising them by 55 Pakistani rupees per litre as of March 11, 2026. This adjustment brings the ex-depot price of petrol to 321.17 Pakistani rupees per litre, a notable rise from the previous price of 266.17 rupees per litre.
In addition to petrol, the ex-depot price of high-speed diesel has also been revised, now set at 335.86 Pakistani rupees per litre, reflecting an increase of approximately 20 percent from 280.86 rupees per litre.
Global Context of Rising Fuel Costs
This price surge in Pakistan is part of a broader trend, as at least 85 countries have reported increases in petrol prices since the onset of attacks on Iran by the US and Israel beginning on February 28. The geopolitical tensions have significantly impacted global oil supply chains, leading to widespread price hikes.
In the United States, the average price of regular petrol has risen from $2.94 per gallon in February to $3.58, marking a 20 percent increase. Meanwhile, Vietnam has seen the most significant increase, with petrol prices soaring nearly 50 percent from $0.75 per litre to $1.13.
Local Reactions and Speculations
In India, petrol in Delhi remains priced at ₹94.77 per litre, while diesel is at ₹87.67 per litre. Domestic LPG prices have also seen an increase, with a rise of about ₹60 per 14.2-kg cylinder, bringing the price to around ₹913.
Local residents have expressed concerns regarding potential shortages, with Dhruv Ruparel stating, “There is a shortage of LPG, and people are speculating that there’s a shortage of petrol and diesel as well.” This sentiment reflects growing anxiety over the stability of fuel supplies amid rising prices.
Experts are forecasting that crude oil prices could stabilize around $100 per barrel, further complicating the situation for consumers and governments alike.
Broader Implications
Asia’s heavy reliance on the Strait of Hormuz for oil and gas deliveries has become increasingly precarious since the start of the conflict, with the strait effectively closed. This geopolitical instability is likely to have lasting effects on fuel prices across the region.
Details remain unconfirmed regarding the exact impact of these geopolitical tensions on future petrol prices. As the situation evolves, consumers and policymakers will be closely monitoring developments in the global oil market.
