The federal government is considering keeping petroleum prices unchanged despite a sharp rise in international oil prices, as authorities explore ways to shield consumers from another major fuel price hike.

According to the latest estimates, high-speed diesel (HSD) prices could increase by around Rs. 56 per litre, while petrol prices may rise by about Rs. 41 per litre if adjustments are made in line with global market trends.

Currently, petrol and diesel are retailing at over Rs. 322 and Rs. 337 per litre, respectively. In addition, prices of other petroleum products may also see an increase, with kerosene potentially rising by Rs. 7 per litre and light diesel oil by around Rs. 53 per litre.

However, the government is reviewing options to prevent immediate price hikes. During a recent consultative meeting attended by Shehbaz Sharif and Asim Munir, officials discussed the possibility of utilizing around Rs. 389 billion from emergency funds to cushion the impact of rising global oil prices and limit further increases in the coming weeks.

The next petroleum price review is scheduled for March 15, although officials indicated that a decision could be made earlier depending on developments in international oil markets.

Authorities are also considering additional energy conservation measures to manage supply and reduce pressure on foreign exchange reserves. These measures may include adjustments to gas supply for industrial sectors and potential energy rationing later in the year to control electricity demand.

Meanwhile, current petrol and diesel inventories in Pakistan are estimated to be sufficient for roughly three weeks. However, diesel imports may face logistical challenges, as alternative supply routes require longer shipping times.

To help stabilize the situation, Saudi Arabia is supporting crude oil supplies, enabling local refineries to increase diesel production and maintain domestic fuel availability.