Pakistan, July 18 -- The federal government on Friday increased the prices of petrol and high-speed diesel in its latest fuel price revision, with petrol becoming Rs5.44 per litre more expensive and diesel registering a much steeper Rs31.50 per litre increase.

The sharp rise comes against the backdrop of soaring international energy prices, with the government simultaneously announcing a major overhaul of the country's petroleum pricing mechanism.

The announcement comes as the federal cabinet approved a new system that hands the responsibility for petroleum price determination to the Oil and Gas Regulatory Authority (OGRA) on a daily basis, replacing the existing periodic pricing mechanism.

Addressing a press conference alongside Infor...