Islamabad: The government has announced a significant increase in the prices of petrol and diesel, raising each by 55 rupees per litre due to the ongoing regional situation. This adjustment was revealed by Minister for Petroleum Ali Pervez Malik during a news conference held alongside Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb.

According to Radio Pakistan, the Minister for Petroleum assured that the government remains committed to reverting these prices once the situation stabilizes. Efforts are being made to maintain an uninterrupted supply of petroleum products in the country and to minimize the burden on consumers. The minister further stated that the prices of petroleum products would be reviewed on a weekly basis in light of the current circumstances.

During the conference, Deputy Prime Minister Ishaq Dar emphasized the government's proactive approach in regularly assessing the situation. He mentioned ongoing efforts for de-escalation and maintaining communication with countries in the region. The Deputy Prime Minister attributed the global spike in petroleum prices to recent Israeli attacks on Iran and subsequent events in the Gulf region, noting a global increase of 50 to 70 percent in petroleum product prices.

Finance Minister Muhammad Aurangzeb highlighted plans to engage with provincial chief ministers to further discuss the implications of these price adjustments within the next two days.

According to a notification from the Ministry of Energy, the revised price for High Speed Diesel is now 335 rupees and eighty-six paisas, while the new price for Petrol is set at 321 rupees and seventeen paisas.