The government has announced a Rs55 per litre increase in the prices of petrol and diesel with immediate effect.
According to the notification, the new fuel prices will come into force across the country from today. The new petrol price will be Rs 321 per litre.
Officials said the decision was taken in view of rising international oil prices and economic pressures.
The sharp increase is expected to raise transportation costs and may lead to higher prices of essential goods. The government said further adjustments will be made depending on global market trends.
Petrol prices to be reviewed weekly amid regional tensions: Ishaq Dar
Deputy Prime Minister Ishaq Dar said that petrol prices will now be reviewed on a weekly basis.
He stated that fuel prices have increased worldwide, while the ongoing war in the region is also likely to affect petroleum rates.
Dar added that the new petrol prices will be announced every week in view of the changing global situation.
He further said that Pakistan has been in contact with different countries since last week regarding the situation.
Meanwhile, Federal Finance Minister Muhammad Aurangzeb said that the new petrol prices will be implemented from 12am tonight.
Also Read, PM Shehbaz greenlights review of weekly petrol prices
Prime Minister Shehbaz Sharif confirmed that the country has sufficient fuel reserves and Pakistanis don’t need to panic about the situation. Similarly, the Finance Minister Muhammad Aurangzeb also said that there is no shortage of petrol in Pakistan.
At the same time, Prime Minister Shehbaz Sharif approved the proposal for weekly changes in the petrol prices , a private media channel reported on Friday.
