KARACHI: The government on Tuesday announced to increase petrol price by Rs19.95 a litre, with immediate effect, Bol News reported.

Finance Minister Ishaq Dar in a statement said the new petrol price has been fixed at Rs272.95 a litre. The price of high speed diesel has been increased by Rs19.90 a litre.

The new price of high speed diesel has been set at Rs273.40 a litre, he said adding that the price of diesel will be Rs272.90 a litre.

The finance minister said oil price in the global market had boosted in the last 15 days. He said the petrol price had been enhanced after approval of Prime Minister Shehbaz Sharif.

Ishaq Dar said minimum price of petrol was being increased viewing the national interest.

“Everyone knows that we are under commitment of the International Monetary Fund (IMF) programme,” he said.

He said he had a meeting with the Oil and Gas Regulatory Authority (OGRA) regarding increase in petrol price.

“In the current fortnight, petroleum products prices in the international market have increased substantially. MS (Petrol) price has increased from $89.14 per barrel on 16th July 2023 to $97.39 on 31st July 2023, whereas, High Speed Diesel price has increased from $96.26 to $111.46.

“The cost of petroleum products in Pakistan is directly linked to the international prices of these products. Therefore, the increase in domestic prices is inevitable and beyond the control of the Govt. of Pakistan. In view of the foregoing, the consumer prices of petroleum products are effective from 1st August, 2023,” read a notification issued by the Ministry of Finance.