Islamabad [Pakistan], March 7 (ANI): 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 situation intensified after the further widening of the conflict in the last 48 hours.

Present at the media briefing was Pakistan's Petroleum Minister Ali Pervaiz Malik, who described the hike in the prices as a difficult decision.

Meanwhile, ARY News further mentioned, citing sources, that the International Monetary Fund (IMF) has urged Pakistan to immediately increase petrol and diesel prices. As per the sources, the demand was made during virtual talks between Pakistani authorities and an IMF delegation, it further reported.

The developments in Pakistan come amid global energy supply concerns following escalating tensions in West Asia after a joint US-Israel military strike on February 28 on Iranian territory killed its Supreme Leader, Khamenei and other senior figures, prompting a fierce response from Tehran.

In retaliation, Iran launched waves of drone and missile attacks across multiple Arab countries, targeting American military bases and Israeli assets throughout the region, with Israel also continuing its strikes on Tehran and widening the conflict to Lebanon, targeting Hezbollah. (ANI)