Pakistan, March 7 -- Pakistan's federal government has sharply increased petrol and diesel prices and announced a shift to weekly fuel price reviews amid rising global oil costs triggered by escalating tensions in the Middle East.

Speaking at a press conference in Islamabad, Petroleum Minister Ali Pervaiz Malik confirmed that petrol prices had been raised by Rs55 per litre, taking the new rate to Rs321.17 from Rs266.17. High-speed diesel prices were also increased by Rs55, bringing the new rate to Rs335.86 per litre from Rs280.86.

The minister said the government decided to revise prices after assessing developments in the international oil market, particularly the impact of the ongoing conflict involving the United States, Israel and ...