Islamabad, March 6 -- The Government of Pakistan has announced a sharp hike in the prices of petrol and diesel by PKR 55 per litre, in the wake of the escalating security situation in West Asia, as per a report by ARY News.

According to ARY News, the federal ministers made the announcement during a press conference in Islamabad. Under the new prices, petrol will now cost a whopping PKR 321.17 per litre, while diesel prices will jump from the existing PKR 275.70 to PKR 335.86 per litre.

As per ARY News, Deputy Prime Minister and Foreign Minister, Ishaq Dar, has said that the decision had been taken after oil prices surged in the international market in the wake of the widening of the conflict in West Asia. He told the media that the situ...