Pakistan Prime Minister Shehbaz Sharif has said his government will absorb a 56bn-rupee fuel subsidy to shield people from rising energy costs linked to the Middle East conflict.
In a televised address on Friday, Sharif said: "Today in Pakistan, the price of petrol should have been 544 Pakistani rupees per litre, but you are getting it for only 322 rupees."
He added that diesel prices were also being kept below market levels, saying they should have reached around 790 rupees per litre but were being sold at about 335 rupees.
Sharif said Pakistan was working "day and night" on diplomatic efforts to promote regional peace, alongside measures to protect the public from rising global oil prices.
Earlier in March, schools across Pakistan were forced to close for a fortnight and government departments shifted to a four-day week.
Pakistan imports most of its energy and has already raised petrol and diesel prices to record levels.
Brent crude is above $100 a barrel, while the Strait of Hormuz is effectively closed, delaying fuel shipments worldwide.
Earlier this month, Pakistan increased consumer prices for diesel and petrol, citing higher oil prices driven by the conflict in Iran. The move fed through into higher inflation and hit Pakistan’s poorest communities.
Recent footage from cities including Lahore and Karachi showed long queues at petrol stations, with motorcyclists lining up to refuel as prices rose.
Pakistan imports most of its oil from Saudi Arabia and the UAE through the Strait of Hormuz.
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Pakistan's benchmark stock index recorded its steepest one-day fall in months on Tuesday as renewed fighting between the U.S. and Iran unsettled global markets and heightened fears of disruptions to oil supplies through the Strait of Hormuz. The benchmark KSE-100 Index closed down 3.56%.
Pakistan has allowed a United Nations World Food Programme (WFP) aid convoy to enter Afghanistan through the Torkham border crossing, granting a rare humanitarian exemption despite months of restrictions on cross-border movement amid heightened security tensions with Afghanistan.
Pakistan on Sunday expressed "deep concern" over the latest escalation in the Middle East following renewed military exchanges between the U.S. and Iran. It urged all sides to exercise restraint and honour commitments made under the Islamabad Memorandum of Understanding (MoU).
The Asian Development Bank (ADB) has lowered Pakistan's economic growth forecast for FY2027 to 3.7%, down from its April 2026 projection of 4.5%.
The United States carried out a third consecutive night of airstrikes against Iran, targeting military capabilities around the Strait of Hormuz as Donald Trump announced the reinstatement of a blockade on Iranian shipping and proposed a 20% fee on cargo passing through the strategic waterway.
U.S. President Donald Trump announced the reimposition of a U.S. naval blockade on all Iranian ports and warned that power plants and bridges could be targeted next week unless Tehran returns to negotiations.
The United States and Iran have significantly escalated their conflict, exchanging heavy missile and drone strikes across the Gulf region. Iran claims it has once again closed the Strait of Hormuz, a vital global shipping route.
The death toll from the fire at a live music pub in Bangkok has climbed to 32 after two more victims died from their injuries, according to Thailand's Police Hospital.
Ukraine and Russia exchanged fresh attacks on Tuesday, with Kyiv targeting shipping and energy infrastructure inside Russia while Moscow launched another large-scale missile and drone assault on Ukrainian cities.
The Iranian Army's Ground Force promised a crushing response to the U.S. after an air raid on its barracks in the southern city of Bampur on Wednesday (15 July) killed seven servicemen and wounded 13 others.
Pakistan's benchmark stock index recorded its steepest one-day fall in months on Tuesday as renewed fighting between the U.S. and Iran unsettled global markets and heightened fears of disruptions to oil supplies through the Strait of Hormuz. The benchmark KSE-100 Index closed down 3.56%.
A British inquiry has heard fresh allegations that UK special forces killed three Afghan farmers and abused detainees during operations in Afghanistan. The claims were published this week as part of an investigation into alleged unlawful killings and a possible cover-up.
Kyrgyzstan and Tajikistan have begun installing the first border markers along their shared frontier, marking the start of the physical demarcation of a boundary that was disputed for decades before being formally settled under a landmark agreement signed earlier this year.
The condition of cultural heritage sites in Azerbaijan's Garabagh region remains a major point of debate after decades of conflict. Despite Azerbaijan’s calls for a UNESCO assessment and post-2020 negotiations, disagreements over access, scope and the mission’s framework have prevented a review.
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