ISLAMABAD:
Amid the blockade of the Strait of Hormuz due to the Iran-US conflict, the government on Thursday increased the price of high speed diesel (HSD) by Rs 19.39 per liter and the price of petrol by Rs 6.51 per liter for a week.
According to a notification issued by the Petroleum Division, HSD will now be sold at Rs 399.58 per liter, up from Rs 380.19, while petrol will be available at Rs 399.86 per liter against the previous price of Rs 393.35, reflecting an increase of Rs 6.51 per liter.
High-speed diesel is widely used in the transportation and agriculture sectors. With the planting season underway, the sharp increase in its price is expected to negatively affect the agricultural sector, where input costs are already high. Fertilizer prices have also increased due to rising transportation costs.
Gasoline is mainly used in motorcycles and cars. The prime minister had earlier announced a subsidy of Rs 100 per liter for motorists. Petroleum also serves as an alternative to compressed natural gas (CNG), but Punjab lacks indigenous gas for CNG outputs, increasing the demand for gasoline.
Meanwhile, amid global tensions, reports emerged of oil supply disruptions due to the situation in the Strait of Hormuz, through which around 20% of global oil shipments pass. Global oil prices have soared amid concerns over supply shortages, while several Gulf countries have also faced logistical challenges.
In a separate statement, the Petroleum Division rejected reports of gasoline pump closures starting May 1. The Oil Companies Advisory Council (OCAC) also dismissed rumors circulating on social media about a five-day closure of fuel stations.
Pakistan currently has reserves for 28 days of gasoline and 34 days of diesel, according to the statement. He stated that all gasoline pumps will continue to operate and fuel will continue to be supplied to consumers. The public was urged to ignore “negative publicity on social media by unscrupulous elements”.
A spokesperson for the Oil and Gas Regulatory Authority (Ogra) also rejected allegations of an alleged strike by the Oil Traders Association, calling the reports false and misleading. “No oil-related association has announced any such strike,” the spokesperson said, adding that the public should rely only on verified official sources. “This clarification is issued in the public interest.”
