The announcement was made during a joint press conference by Deputy Prime Minister Ishaq Dar Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik.
Speaking at the briefing Ishaq Dar said the region is currently facing a war like situation which has caused international petroleum prices to surge sharply. He stated that Prime Minister Shehbaz Sharif personally chaired a meeting earlier in the day to review the situation and assess possible policy options.
Dar explained that the government tried to find a balanced approach before making the decision, while also consulting with foreign ministers of other countries in an effort to reduce regional tensions.
Petroleum Minister Ali Pervaiz Malik said the country is passing through extraordinary circumstances, as the developing crisis in neighboring regions has affected the entire area. He added that Pakistan had already increased its fuel reserves to manage potential supply disruptions.
Following the increase, the new petrol price has reached Rs321.17 per liter, while diesel will cost Rs335.86 per liter. The government said fuel prices will now be reviewed on a weekly basis.
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