The federal government has announced a major increase in petroleum product prices, raising both petrol and high-speed diesel by Rs55 per litre, amid rising global oil prices and regional instability.

Following the increase, the price of petrol has been set at Rs321 per litre, while high-speed diesel will now cost Rs335 per litre.

The revised prices will take effect from midnight tonight.

The announcement was made during a media briefing by Deputy Prime Minister and Foreign Minister Ishaq Dar and Federal Minister of Energy (Petroleum Division) Ali Pervaiz Malik, where the government outlined the reasons behind the sharp adjustment.

Dar said that despite the extraordinary regional situation, Pakistan’s economic position remains stable, but global developments have led to a steep rise in petroleum prices. He said the government is closely monitoring the situation.

Speaking to the media, Dar said there was no panic or disorder in the country, adding that the government was carefully reviewing all developments.

He said authorities had spent the last two to three days evaluating global oil trends and local fuel prices in an effort to minimise the impact on the public.

According to the finance minister, international oil prices have risen sharply, with petroleum product prices increasing by around 70 per cent globally.

He added that the situation in the Middle East remains volatile and ongoing tensions are affecting global energy markets.

Dar said Pakistan is in constant contact with countries in the region and is trying to play a diplomatic role to help ease tensions.

He noted that it is difficult to estimate how long the current war-like situation will persist.

He added that Prime Minister Shehbaz Sharif has repeatedly engaged with several world leaders, while Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir has also remained in continuous contact with international counterparts.

Ali Pervaiz Malik said the country is currently passing through extraordinary circumstances, noting that the conflict that began in a neighbouring country has spread across the wider region with no clear end in sight.

He said that in such conditions, the nation must work collectively to keep the system functioning and use oil reserves prudently.

Malik warned that strict action will be taken against profiteers, adding that no one will be allowed to create artificial shortages in the market.

He also revealed that Saudi Aramco has assured Pakistan that the supply of crude oil through sea routes will continue, although the reality of soaring global energy prices cannot be ignored.

He added that during the difficult period, the prime minister and finance minister provided guidance to the Petroleum Division, and the government is making efforts to maintain uninterrupted energy supply despite the global crisis.

According to an official statement, the meeting was attended by the finance minister, petroleum minister, commerce minister and other senior officials.

Representatives from Oil and Gas Regulatory Authority (OGRA), Pak-Arab Refinery Company, and other departments also briefed participants on the country’s petroleum reserves.