Islamabad, Jan 1 (IANS): The Pakistan government has announced an increase in petrol and diesel prices, media reports confirmed.

According to a notification issued late on December 31, the price of petrol has been raised by 56 paise per litre. The new price of petrol has been set at Rs252.66 per litre, ARY News reported.

Similarly, the price of high-speed diesel has been increased by Rs 2.96 per litre. The new price for high-speed diesel is now Rs 258.34 per litre.

These changes come as part of regular adjustments in fuel prices, which are influenced by international market trends and local economic conditions.

The Pakistan government on December 15 announced new petrol and diesel prices.

As per details, petrol prices remain stable at Rs 252.10 per litre. High-speed diesel prices have decreased by Rs 3.05 per litre, with the new price set at Rs 255.38 per litre.

In addition, the price of kerosene oil has decreased by Rs 3.32 per litre, with the new price set at Rs 161.66 per litre. Light diesel oil prices have also decreased by Rs 2.78 per litre, with the new price set at Rs 148.95 per litre.

The Finance Ministry has issued a notification regarding the new prices, which will come into effect at 12 a.m. on Wednesday.

The government's inability to reduce the petroleum levy has resulted in a significant increase in petroleum prices, with prices rising by Rs 12.14 per litre over the past month and a half.

According to sources, the price of high-speed diesel has increased by Rs 12.14 per litre since October 16, while the price of petrol has risen by Rs 5.07 per litre during the same period.

The government could have reduced the levy to prevent the price hike, but the IMF program restrictions prevented it, sources said.