ISLAMABAD, March 7 (Xinhua) -- Pakistan's federal government on Friday night increased the prices of petrol and high-speed diesel by 55 rupees per liter, citing rising global oil prices driven by escalating tensions in the Middle East.
The country's Petroleum Minister Ali Pervaiz Malik announced the decision at a press conference, saying that under the new rates, petrol will be priced at 321.17 rupees per liter (1.15 U.S. dollar), up from 266.17 rupees, while the price of high-speed diesel has been raised to 335.86 rupees per liter from 280.86 rupees. The revised prices will take effect from midnight, officials said.
"We will review these prices on a weekly basis instead of the previous fortnightly adjustment mechanism, and reduce them promptly once the situation improves," the minister said.
The minister added that the government had maintained petroleum reserves in recent weeks to ensure an uninterrupted fuel supply across the country and warned that strict action would be taken against hoarding or attempts to manipulate fuel availability for illegal profits.
On the occasion, Deputy Prime Minister and Foreign Minister Ishaq Dar said that the price hike came as global oil markets face volatility following the escalation of the Middle East conflict which has disrupted energy flows. ■