SINGAPORE/ISLAMABAD – Oil prices in international market surged sharply on Thursday after US President Donald Trump indicated that military operations against Iran would continue with “extremely hard” strikes.
The remarks have dashed hopes for clarity on when the Iran war might conclude, heightening fears of extended supply disruptions.
Brent crude rose $6.33, or 6.3%, reaching $107.49 per barrel by 0407 GMT, while U.S. West Texas Intermediate (WTI) climbed $5.28, or 5.3%, to $105.40 per barrel.
Impact on Petrol Prices in Pakistan
The federal government will revise petroleum prices in upcoming weekly review tomorrow (Friday) with reports indicating a potential rise of up to 100 rupees per liter.
Reports said the federal government has reportedly decided to pass the burden of rising global oil prices onto consumers.
The current retail price of petrol (Rs321.17 per litre) is substantially lower than its import cost, with a gap of approximately Rs100 per liter, while diesel (Rs335.86) is reportedly underpriced by more than Rs200 per liter.
Officials say new fuel prices will be announced in the coming days.
Pakistan Assures IMF of Aligning Petrol Prices with Global Markets
On the other hand, the International Monetary Fund (IMF) has expressed concerns about extending further subsidies on petroleum products. I
n response, the government has assured the IMF that adjustments in petrol and diesel prices will align with fluctuations in global oil markets.
Treasury officials indicated that the existing petrol subsidy is temporary and that price revisions will continue as part of Pakistan’s loan agreement with the IMF.
Meanwhile, consultations are ongoing with provincial authorities to determine the provision of subsidies for motorcycle and rickshaw drivers.
Expected Petrol Prices in Pakistan for April 2026
If the reported increase is approved by the government in upcoming review, the petrol price would jump to Rs421.17 per litre after a hike of Rs100.
The high speed diesel price is expected to rise to Rs535.86 per litre if Rs200 increase is approved by the government.
