Pakistan's 'Petrol Bomb': Fuel Prices Soar by PKR 55 Amid West Asia Conflict

• Pakistan hiked petrol and high-speed diesel prices by PKR 55 per litre, effective March 7, reaching PKR 321.17 for petrol and PKR 335.86 for diesel.
• The "petrol bomb" is attributed to the escalating West Asia conflict, particularly Iran's blockade of the Strait of Hormuz, a vital route for Pakistan's oil and LNG imports.
• Global oil prices surged from $78 to $107 per barrel, coupled with exploding maritime insurance and freight costs due to war-risk premiums.
• The announcement led to chaos at fuel stations in major cities like Lahore, Karachi, Islamabad, and Rawalpindi, with long queues and rationing.
• Government is considering work-from-home and distance learning, negotiating with Saudi Arabia for alternative supply routes, as IMF pushes for full international pricing.