Govt considers keeping petrol, diesel prices unchanged till March 31 despite global surge

The federal government is considering keeping petrol and high-speed diesel (HSD) prices unchanged until March 31 despite a rise in global oil prices, The News reported, citing sources.

The plan was shared with industry representatives during a meeting with the Petroleum Minister Ali Pervez Malik, where oil companies were directed to maintain steady supplies and avoid hoarding.

Officials said recent increases in international crude prices could result in an estimated rise of Rs29 per litre in HSD and Rs19 per litre in petrol.

They added that the government has already absorbed earlier price pressures by agreeing to pay Rs23 billion in price differential claims to oil marketing companies, supported by emergency funding.

Authorities said efforts are underway to secure additional crude and refined fuel cargoes to sustain domestic supply, including the possibility of imports from Russia.

Separately, a 70,000-tonne crude cargo has arrived from Fujairah to support refinery operations.

The government has also directed action against oil marketing companies holding more than 20 days of stock without supplying the market, as well as those failing to maintain minimum inventory levels.

Officials said show-cause notices will be issued to non-compliant companies.

Sources added that authorities may consider measures to limit fuel consumption during the Eid holidays, including discouraging travel to northern areas, amid ongoing regional tensions.