According to a notification released by the Finance Division on late Tuesday evening, petrol has increased by Rs5.36 a litre, while high-speed diesel (HSD) increased by Rs11.37 a litre.

After the hike, petrol will now be priced at Rs272.15 from Rs266.79 per litre and diesel will sell at Rs284.35 per litre, earlier priced at Rs272.98.

The new prices are effective from July 16 and will be in force for the next 15 days, having a direct impact on millions of vehicle owners and commercial transport operators across the country.

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As per the Finance Ministry, this realignment is because of volatility in the global oil market, with crude rising on a sustained basis.

Pakistan revises fuel prices every fortnight, keeping them in line with movements in international oil prices and the Pakistani rupee exchange rate.

In the past, on July 1, the government had already increased fuel by a sharp hike, justifying the action due to volatility in international markets due to the 12-day Iran-Israel war. Amid the regional tensions petrol had been raised by Rs8.36 a litre and diesel by Rs10.39, as advised by the Oil and Gas Regulatory Authority (OGRA).

With almost 85% of the nation s petroleum requirements fulfilled through imports, Pakistan is very susceptible to geopolitical instability in producing nations.