Pakistan hikes petrol, diesel prices

(Reuters) – Pakistan announced a further increase in petrol and high speed diesel prices on Tuesday, the finance ministry said in a statement, the second hike in a month.

The price of petrol would be raised by 17.50 Pakistani rupees to 290.45 rupees ($0.9991) per litre effective Aug. 16, the ministry said in a post on X, formerly known as Twitter.

High speed diesel will now cost 293.40 rupees ($1.01) per litre after an increase of 20 rupees.

Earlier this month, the country increased petrol and diesel prices to meet fiscal objectives laid down in a deal with the International Monetary Fund (IMF), compounding sky-high inflation.

($1 = 290.7000 Pakistani rupees)

(Reporting by Mrinmay Dey in Bengaluru; Editing by Jacqueline Wong)