Govt hikes petrol, high-speed diesel prices by Rs55 per litre each – Business

The government announced a Rs55 per litre hike in the price of petrol and high-speed diesel each on Friday.

The announcement was made by Petroleum Minister Ali Pervaiz Malik during a press conference alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

Dar said during the press conference that the new prices will come into effect from midnight.

He began by talking about the ongoing war between Iran and the US and Israel, adding that the conflict had spilled over.

In this scenario, he continued, the prices of petroleum products were soaring high. “There has been an increase of 50 per cent to 70pc in various products,” he noted, adding that in other countries, the trickle-down effect was visible with an “automatic increase in [petroleum] prices”.

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