The ongoing conflict between Iran and Israel has pushed Pakistan into a catastrophic energy crisis. On Monday, March 23, 2026, petrol and diesel prices touched historic highs, with petrol selling at PKR 321.17 and diesel at PKR 335.86 per litre. Due to the disruption of oil supplies through the Strait of Hormuz, Pakistan’s import bill has surged from $1.7 billion to nearly $4 billion. Prime Minister Shahbaz Sharif has cancelled major state ceremonies and ordered a 50% cut in fuel allowances for officials. Experts warn that if the war continues, fuel rationing and further price hikes are inevitable, threatening to push the nuclear-armed nation toward a total economic collapse.