ISLAMABAD (Dunya News) – Escalating tensions in the Middle East, particularly involving the United States, Israel and Iran, have driven a sharp rise in global oil prices, raising concerns about inflation and economic pressure worldwide.
The ongoing conflict has significantly disrupted energy markets, with crude oil prices climbing as high as $116 per barrel before fluctuating to around $106 per barrel. The surge has had a widespread impact across Asia, Europe and Africa, affecting transport costs, food prices and daily living expenses.
Petrol prices in the global market have risen sharply from $74 to $128 per barrel, while diesel has seen an even steeper increase. Since the outbreak of conflict on 28 February, diesel prices have jumped from $88 to $238 per barrel.
The rise has hit several countries hard, with diesel prices increasing by 82% in the Philippines, 78% in Nigeria, 52% in Australia, 41% in the United States and 38% in Sri Lanka. In contrast, Pakistan has recorded a relatively lower increase of 22%, while India, Bangladesh and Saudi Arabia have not raised diesel prices significantly. Minor increases were reported in Russia, Qatar and Japan.
In countries such as India, Sri Lanka and Bangladesh, the situation has worsened, with fuel rationing and quota systems being introduced. Reports indicate long queues at fuel stations, shortages of gas cylinders and, in some cases, public unrest.
Despite global pressures, Pakistan has maintained relatively stable fuel availability. The government has attempted to shield consumers by absorbing approximately Rs129 billion in costs, while reallocating around Rs100 billion from the development budget to provide relief.
However, officials warned that such relief measures are not sustainable, as Pakistan relies heavily on imported oil, which puts additional strain on foreign exchange reserves.
Experts caution that if the geopolitical situation persists, fuel prices in Pakistan may rise further. They have urged the government to control expenditures and minimise the burden on citizens, suggesting that any necessary price adjustments should focus on petrol rather than diesel to avoid triggering widespread inflation.