The Federal Finance Ministry has announced an increase in the prices of petroleum products, 24 NewsHD TV Channel reported on Wednesday.

The government raised petrol price by Rs2 per litre and high speed diesel (HSD) by Rs1.44 per litre. The new prices of petrol and high speed diesel are Rs112.69 and Rs113.99 per litre respectively.

Following the surge in prices, a premier's special aide, Shahbaz Gill, took to the twitter to explain the price hike.  

Because of an increase in the prices of commodities in the international market, the Oil and Gas Regulatory Authority (Ogra) proposed petrol price hike by Rs6.5 per litre and HSD rate raise by Rs3.44 per litre, he tweeted.

However, he added that Prime Minister Imran Khan let the finance ministry increase petrol price by Rs2 per litre and HDS by Rs1.44 per litre, he added.

https://twitter.com/SHABAZGIL/status/1410271392726237188

Talking to the media on the federal budget earlier in the month, Finance Minister Shaukat Tarin said that to achieve the Rs610 billion petroleum levy target, the government will eventually have to increase the rate by Rs30 per litre.

However, he hoped this would not be inflationary in view of expected lifting of US sanctions against Iran and its oil production and resultant lower international oil prices.