SATV, Kathmandu, Mar. 09 - In a crude bomb on a struggling economy, Pakistan has announced a steep increase in fuel prices, raising petrol and diesel rates by PKR 55 per litre. The big hike will push petrol prices to PKR 321.17 per litre and diesel to PKR 335.86 per litre. As per reports, the sudden surge in international oil prices forced the government to revise domestic fuel rates, according to ARY News. The decision comes at a time when tensions in West Asia have rattled energy markets and triggered fears of supply disruptions, prompting Islamabad to adjust prices amid growing economic pressure.

Speaking at the briefing, Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar said the government had little choice but to pass on the impact of rising international oil prices to consumers.

He told reporters that global petroleum rates had shot up following the rapid expansion of the conflict in West Asia over the past two days. The worsening situation in the region has added pressure on countries that rely heavily on imported oil.

ARY News reported, citing sources, that the International Monetary Fund (IMF) had asked the debt-ridden Pakistan to raise petrol and diesel prices immediately. According to the report, the demand surfaced during virtual discussions between Pakistani officials and an IMF delegation.

Even before the official announcement, many motorists rushed to fuel pumps across major cities such as Lahore and Karachi. Long lines were reported outside petrol stations as people attempted to fill their tanks before the new prices took effect.