Skyrocketing crude prices could push Pakistan's monthly oil import bill to $600 million; Islamabad seeks IMF's help

Pakistan could see its monthly oil import bill jump to $600 million as tensions in West Asia escalate, country's finance minister Muhammad Aurangzeb has warned. These comments come at a time when global oil markets are reacting sharply to the ongoing crisis, with prices surging past the $100 mark on Monday.

Brent crude, the international benchmark, jumped to $118.22 a barrel, while US West Texas Intermediate (WTI) shot up nearly 30% from Friday’s close of $90.90, reaching $118.21. The spike reflects growing fears over potential disruptions to energy supplies and shipping routes amid the intensifying Middle East conflict.

As Pakistan is struggling with rising fuel costs, the country is turning to the International Monetary Fund for relief on the petroleum levy, petroleum minister Ali Pervaiz Malik confirmed.

Speaking at a briefing on Sunday, Aurangzeb outlined the growing economic strain caused by the ongoing conflict. Pakistan’s monthly oil import bill could surge to $600 million if the crisis continues, and the government is preparing contingency plans to mitigate the financial impact of higher crude prices.

Highlighting the urgency, minister Malik urged fuel-saving measures to help stretch Islamabad’s reserves. He noted that three petroleum shipments were expected to arrive on Monday, but warned that disruptions in LNG supplies remain a concern. He added that discussions are underway with Oman, Saudi Arabia and the UAE to secure alternative fuel routes beyond the Strait of Hormuz.


The announcement comes in the wake of a steep increase in domestic fuel prices. Petrol and high-speed diesel rates have jumped by PKR 55 per litre, roughly 20%, taking prices to PKR 321.17 and PKR 335.86 respectively as of March 7, 2026. The surge has amplified worries for citizens already facing high living costs during Ramadan.

The petrol hike is expected to have a ripple effect across the economy. With petrol now at PKR 324 per litre, experts warn that transport and logistics costs will rise, pushing up the price of food and essential goods and potentially triggering a second wave of inflation.

Government officials, including deputy PM Ishaq Dar, stressed that Islamabad had “little choice” but to pass on the impact of international oil price spikes to consumers.

He said that the measure was necessary to stabilise national energy finances and meet IMF consultation requirements.