The government increased on Wednesday the price of petrol by Rs22.20 per litre, taking it to Rs272 with effect from February 16. It also announced an increase in the prices of high-speed diesel by Rs17.20 per litre, taking it to Rs280.

Kerosene oil will now be available at Rs202.73 per litre following a Rs12.90 hike. Meanwhile, light diesel oil will be available at Rs196.68 per litre after an increase of Rs9.68.

After the hike, the price of petrol is Rs272, High-speed diesel Rs280, Kerosene oil Rs202.73 and light diesel oil Rs196 per litre.

A press release issued on Wednesday night stated that the surge has taken place due to the rupee's devaluation against the dollar.

Pakistan was expected to announce an increase in petroleum prices in order to meet part of prior conditions set by the International Monetary Fund (IMF) to revive a desperately-needed bailout programme.

Earlier on Wednesday, Federal Minister for Finance and Revenue Ishaq Dar introduced the Finance (Supplementary) Bill, 2023, announcing various amendments that feature taxation measures of Rs170 billion (approximately $640 million), as Islamabad moves to convince the International Monetary Fund (IMF) to revive its bailout programme.

Dar said the taxation measures will help reduce the budget deficit, adding that cabinet members would also adopt an austerity approach to help the country at this time of economic distress.

Pakistan has been implementing various prior conditions agreed with the Washington-based lender in hope of reviving the stalled bailout programme at a time when its foreign exchange reserves have depleted to critical levels, covering less than a month of imports.