Petrol, Diesel Price in Pakistan Update: OGRA proposes up to Rs71 Per Litre increase

ISLAMABAD — 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