The federal government announced a Rs26.77 per litre hike in the price of petrol and high-speed diesel each on Friday, according to a notification issued by the Petroleum Division.
With this increase, the price of HSD has risen to Rs380.19 per liter, up from Rs353.42, while petrol now costs Rs393.35 per liter, compared to Rs366.58 previously.
The new rates will come into effect from April 25, according to a notification from Ministry of Energy (Petroleum Division).
In a statement, Petroleum Minister Ali Pervaiz Malik said oil prices had risen once again due to regional tensions.
“Due to the mounting pressure from rising oil prices and agreements with global partners, the government is compelled to pass on the burden of price hikes to the public,” he said.
The minister emphasized that the government has absorbed the increase in global oil prices to the extent possible, and both the federal and provincial governments have provided a historic relief package to the public.
“We hope for progress towards regional peace, so that the public can be relieved from the high prices of petroleum products,” the minister added.
Last week, Prime Minister Shehbaz Sharif announced a Rs32.12 per litre reduction in the price of diesel, lowering it from Rs385.54 to Rs353.43.