The government has announced a massive hike in fuel prices, raising both petrol and diesel by Rs. 55 per litre. Effective today, March 7, 2026, these new rates bring fuel costs to their highest levels since 2023.
During a press conference today, Ali Pervaiz Malik, from the Petroleum Ministry, attributed this steep increase to ongoing tensions in the Middle East due to the Iran-US-Israel war.
The escalating geopolitical situation has caused global crude oil prices to spike significantly, forcing the government to pass the additional costs onto consumers.
The new prices are:
| Product | Old Price (Rs.) | New Price (Rs.) | Difference (Rs.) |
|---|---|---|---|
| Petrol | 266.17 | 321.17 | +55.00 |
| Diesel | 280.86 | 335.86 | +55.00 |
The government has maintained that it had no option but to pass the burden onto consumers as the global oil market faces severe volatility.
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