Karachi: Government increased price of petrol and high-speed diesel (HSD) by nearly Rs 20 per litre with immediate effect. At brief press conference, Finance Minister Ishaq Dar announced that price of HSD will be increased by Rs 19.90 per litre for next fortnight, bringing revised rate of HSD to Rs 273.40 per litre. Petrol prices will go up by Rs 19.95 to Rs 272.95.

"In last 15 days, rates of petroleum products witnessed significant increase in international market," said Dar. He said rate of HSD rose from $ 96.26 per barrel on July 16 to $ 111.46 per barrel on July 31 while price of petrol increased from $ 89.14 per barrel to $ 97.39 per barrel during same period.

"Amid international commitments with International Monetary Fund pertaining to petroleum development levy, thus keeping national interest it has been decided to pass increase," he said.

"Government intended to provide relief to masses, however, international prices are not under control of government," he added. He did not announce if there were any changes in prices of kerosene and light-diesel oil.

He said Ogra team had looked to pass on minimum possible price increase to consumers as per Prime Minister Shehbaz Sharif's instructions.