According to the latest order by the Ministry of Finance, it has increased the prices of petrol and high-speed diesel (HSD) by Rs14.91 and Rs18.44 per litre, respectively, to beyond Rs300.
The price rise was another second massive hike in a fortnight that is likely to stoke further inflation, which had cooled over the past two months.
A subsidy of Rs 50 per litre was part of a relief package and it would be available to those who own motorcycles, rickshaws, 800cc cars, and other small vehicles, Sharif told a meeting held to review the relief package for the vulnerable groups.
The finance minister refuted the so-called intelligence and media reports which had speculated that the prices would be increased by a minimum of Rs 50 per litre.
Pakistan's capital city of Islamabad and the Khyber Pakhtunkhwa province was the most affected cities as oil marketing companies reduced their import.
Islamabad: Pakistan Prime Minister Nawaz Sharif has suspended four top officials for failing to deal with a major petroleum crisis that has led to black marketing and scuffles at filling stations in the country.A fuming
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