ISLAMABAD — The government of Pakistan announced a Rs5 per litre cut in petrol and high-speed diesel prices, according to an official notification issued by the Petroleum Division.
Petrol now stands at Rs409.78 per litre, and revised rates will come into effect from May 16. After the latest cut, petrol now stands at Rs409.78 per litre, while high-speed diesel (HSD) is priced at Rs409.58 per litre.
Inflation-weary Pakistanis are once again bracing for a powerful jolt in petroleum prices as the federal government prepares to announce revised fuel rates at midnight, with early reports indicating a heavy and possibly historic increase in petrol and diesel prices for the second half of May 2026.
Oil and Gas Regulatory Authority (OGRA) has submitted recommendation to Prime Minister Shehbaz Sharif proposing a staggering increase of Rs71.40 per litre in petrol and Rs56.46 per litre in high-speed diesel (HSD).
| Fuel Type | Current Price | Proposed Increase | Expected Price |
|---|---|---|---|
| Petrol | 414.78 | 71.40 | 486.18 |
| High-Speed Diesel | 414.58 | 56.46 | 471.04 |
The development comes shortly after Pakistan received a $1.32 billion loan tranche, with reports suggesting that the International Monetary Fund (IMF) is pressing the government to pass on the impact of global fuel price fluctuations directly to consumers. Authorities are also reportedly under pressure to continue fiscal tightening measures, including energy sector reforms and taxation adjustments.
Fuel taxation has already reached unprecedented levels in Pakistan with Petrol Petroleum Development Levy (PDL): Rs117.41 per litre (record high and High-Speed Diesel (HSD) levy: Rs42.60 per litre
The final decision on any revision will be taken by the Ministry of Finance, following consultations with Prime Minister Shehbaz Sharif.
Global Oil Prices
| Benchmark | Current Price (USD) | 24-Hour Change |
| Brent Crude | $109.26 | +3.35% |
| WTI (US Oil) | $105.16 | +3.94% |
| Murban Crude | $107.44 | +2.62% |
International energy markets are also under severe strain due to ongoing tensions in the Middle Eas, and disruptions linked to the Strait of Hormuz. These global shocks have triggered sharp fuel price increases worldwide, with Pakistan among the hardest hit.
Petrol Price Comparison
- Myanmar: Petrol +89.7%, Diesel +112.7%
- Malaysia: Petrol +56.3%, Diesel +71.2%
- Pakistan: Petrol +54.9%, Diesel +44.9%
- UAE: Petrol +52.4%, Diesel +86.1%
- United States: Petrol +44.5%, Diesel +48.1%
- Philippines: Petrol +40.6%, Diesel +53.8%
- Canada: Petrol +31.9%, Diesel +32.8%
- United Kingdom: Petrol +19.2%, Diesel +34.2%
- India: Petrol +3.2%, Diesel +3.4%
Pakistan’s 54.9% surge in petrol prices places it among the top three most affected countries globally.
Petrol Prices in the last year
- May 2025: Rs259.38
- June 2025: Rs259 – 260
- July 2025: Rs259 – 266
- August 2025: Rs264.61
- September 2025: Rs260 – 268
- October 2025: Rs260 – 265
- November 2025: Rs255 – 265
- December 2025: Rs253 – 260
- January 2026: Rs253.17 – 259
- February 2026: Rs253 – 258
- March 2026: Rs266.17 – 321.17
- April 2026: Rs366.58 – 458.50 (peak), later settling at Rs393.35
With OGRA’s proposal on the table, IMF-linked fiscal pressure mounting, and global oil markets in turmoil, Pakistan appears headed for yet another sharp fuel price shock that could significantly impact inflation, transport costs, and household budgets nationwide.
Pakistanis now await the midnight announcement, which could once again reshape the economic landscape overnight.
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