Pakistan may face another petrol price hike starting July 16, as global oil trends push local rates upward. Industry officials warn that the upcoming fortnightly review could lead to significant increases across all petroleum products.
Expected Price Hikes
According to oil industry estimates sent to the Oil and Gas Regulatory Authority (OGRA), petrol may rise by Rs6.60 per litre. High-speed diesel could increase by Rs5.27 per litre. Kerosene oil and light diesel may go up by Rs3.74 and Rs2.32 per litre, respectively. These recommendations will be finalized after approval from Prime Minister Shehbaz Sharif.
Global Market Pressures
The potential hike is linked to a continued rise in international crude oil prices. Brent crude climbed by 21 cents to $70.57 per barrel, while U.S. West Texas Intermediate (WTI) rose by 20 cents to $68.65 per barrel on Monday. This builds on gains of over 2% from Friday and reflects broader supply concerns driven by fresh U.S. sanctions on Russia.
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Saudi Output and Tariff Uncertainty
Despite rising prices, gains have been somewhat limited due to increased oil production from Saudi Arabia and uncertainties surrounding global tariffs. However, the International Energy Agency (IEA) has warned that the global market may be tighter than expected. The agency cited peak summer demand due to travel and energy needs as a major factor supporting prices.
Monthly Trend and Local Impact
Last week, Brent rose by 3%, and WTI gained around 2.2%. These developments are now translating into local inflationary pressure. With transportation and energy costs expected to climb, the general public could face another round of financial stress.
If approved, the new prices will take effect from July 16 and are likely to fuel debate over the government’s ability to shield consumers from global economic shocks. OGRA’s final summary awaits clearance from the prime minister’s office, after which the formal announcement will be made.
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