Petrol, diesel prices hiked massively

The price of petrol in Pakistan has been raised by Rs19.95 per litre to Rs272.95 for the next weekly review, stated Finance Minister Ishaq Dar on Tuesday, stating "national interests."

The announcement was scheduled on July 31, but the government did not issue new rates because officials tried to keep or reduce rates in order to ease the impact of the price increase on inflation-weary people.

Dar, speaking as finance minister for the final time before his government's term ends on August 12, said the price increase was inevitable since Pakistan had agreed with the IMF to impose a petroleum development price on rates.