ISLAMABAD – Petrol and diesel consumers in Pakistan could face more price shocks next week as international crude oil prices climb to six-month high, with Brent crossing $116 per barrel amid escalating Middle East tensions and growing fears of disruptions to global energy supplies.
The sharp increase in international oil prices raised concerns that Pakistan’s upcoming petroleum price revisions could bring further financial pressure on motorists, transporters and businesses already struggling with expensive fuel.
Brent Crude Crosses 6-Month High
International oil markets witnessed another strong rally on October 23, 2026, when Brent crude futures settled at $116.72 per barrel, recording a daily increase of approximately 3.1% to 3.8%. During the session, Brent briefly touched $117.45, reaching its highest settlement level in six months.
Meanwhile, US West Texas Intermediate (WTI) crude climbed approximately 3.8% to settle near $103.27 per barrel. The latest rally pushed Brent’s weekly gains to around 6.2%, extending its upward streak to three consecutive weeks.
Over the preceding month, Brent increased by approximately 9.5%, reflecting growing anxiety among international energy traders over the possibility of prolonged supply disruptions. The benchmark has also recorded extraordinary gains during 2026, with estimates suggesting a year-to-date increase approaching 90%.
Pakistan’s Latest Petrol and Diesel Prices
| Petrol product | Current price |
| Petrol | Rs377.71/litre |
| High-speed diesel | Rs393.66/litre |
Diesel has now become more expensive for two consecutive revisions, adding pressure on transport operators, agricultural activities and businesses that rely heavily on commercial vehicles. A day before the latest announcement, the government had increased diesel prices by Rs1.64 per litre while reducing petrol by Rs1.60.
The possibility of another petroleum price increase has grown as international energy markets react to escalating tensions in the Middle East. Pakistan’s domestic fuel rates are influenced by international petrol and diesel prices, the rupee-dollar exchange rate, applicable taxes, petroleum levies and other pricing components.
A sustained increase in crude prices can eventually push up the cost of imported refined petroleum products. However, the size and direction of the next adjustment will depend on the relevant pricing calculations and the government’s final notification. No official increase for next week has been announced, and any specific rupee-per-litre prediction would be premature.
The biggest factor behind the latest international oil rally is the growing threat to energy infrastructure and export routes across the Middle East. Military tensions involving Iran, Israel and the United States have intensified fears that the regional conflict could spread further and affect major oil-producing countries.
Houthi forces attacks including incidents affecting Saudi energy infrastructure and pipelines, have added to concerns about the security of petroleum supplies. Disruptions to production facilities, transportation networks and Gulf shipping routes have further unsettled global markets. At the same time, tight petroleum inventories, particularly diesel stocks, have made international prices more sensitive to sudden supply interruptions.
Brent crude began October trading around the low-to-mid $100 range before moving sharply higher as regional tensions intensified. Some EIA spot-price assessments reportedly exceeded $125 to $135 per barrel during the earlier part of the month. Prices subsequently retreated toward $115 around October 20 before renewed geopolitical concerns triggered another rally.
Expensive Oil to Persist Before Relief in 2027.
These projections suggest that global energy markets could remain under pressure in the near term, particularly if Middle Eastern supply disruptions continue.
