ISLAMABAD: Pakistan on Thursday hiked the petrol price to Rs458.40 per litre and high-speed diesel (HSD) to Rs520.35 per litre, the highest in the country’s history.
The increase comes amid a surge in global oil prices following regional tensions in the Middle East.
The announcement was made in a nationally televised pre-recorded video statement by Petroleum Minister Ali Pervaiz Malik and Finance Minister Mohammad Aurangzeb.
#Live: An important talk of Federal Minister for Finance Senator Muhammad Aurangzeb and Minister for Petroleum Ali Pervaiz Malik @Financegovpk #RadioPakistan #News
https://t.co/C35Y6jxKq6— Radio Pakistan (@RadioPakistan) April 2, 2026
Petrol prices were increased by Rs137 per litre, a 43% rise, while diesel prices jumped by Rs185 per litre, or 55%, the ministers said.
The petrol hike included a petroleum levy of Rs160.61 per litre, up from Rs106, while the diesel levy was removed, leaving only a Rs2.5 per litre carbon levy.
Petroleum Minister Malik cited rising global oil prices, reporting petrol had increased by 6.5% to $136.4 per barrel and HSD by 20% to $285 per barrel in the past week.
Rs100 per litre subsidy for bikers
For his part, Finance Minister Muhammad Aurangzeb said that the key decision about a hike in fuel prices was made after consultation with the country’s leadership.
Addressing the joint presser, the Finance Minister announced a shift from blanket subsidies to targeted support to ensure relief reaches those most in need.
He said that motorcyclists would receive a subsidy of Rs100 per litre on up to 20 litres of petrol per month.
Separately, a subsidy of Rs100 per litre on diesel will be given to intercity public transport, he added.
The finance minister further said that a subsidy of Rs70,000 per month on fuel will be given to trucks and goods transport. The government will also provide a subsidy for railways so that fares can be managed, the minister said.
The finance czar said the govt would review market timings nationwide to conserve fuel and reduce electricity generation costs.
He added that a final decision about the market timings would be made after consultations with provincial governments.
PM Sharif rejects previous hike proposals
Prime Minister Shehbaz Sharif had previously rejected proposals to raise fuel prices, stating in a national address last Friday that the government would absorb the additional cost of around Rs56 billion.
“This week, I was again presented with a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre. I have rejected this summary,” the Prime Minister had said.
Thursday’s increase follows the March 6 hike of Rs55 per litre in petrol and diesel, triggered by rising international oil prices amid US and Israeli attacks on Iran, which prompted Tehran to close the strategic Strait of Hormuz, a critical oil shipping route.
The cumulative increase in less than a month now stands at 63% for petrol and 75% for diesel.
The price revision coincides with heightened global energy risks after the US and Israel launched attacks on Iran.
Tehran’s closure of the Strait of Hormuz have disrupted supply, pushing oil prices sharply higher.
Other petroleum products were also revised. Kerosene oil rose by Rs34 per litre to Rs468, and light diesel oil increased by Rs30 to Rs395 per litre.
The government said the hikes are necessary to stabilise domestic supplies and manage revenue gaps.
