ISLAMABAD: In the first post-Iran war economic shock, Pakistan government in an overnight decision has increased petrol and high-speed diesel prices by PKR 55 per litre each, the highest-ever hike.

Addressing a press conference just before midnight, Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb announced the hike with the consolation that the country has sufficient petroleum reserves.

As a result of the hike, the ex-depot price of high-speed diesel was fixed at PKR 335.86 per litre for the coming week, up by about 20 per cent from PKR 280.86 per litre.