The government on Wednesday increased petrol price by Rs24 per litre, diesel by Rs59.16, kerosene oil by Rs39.49 and light diesel oil by Rs39.16.

Finance Minister Miftah Ismail made this announcement while addressing a press conference in Islamabad on Wednesday night.

He said that the new prices will come into effect from 12 am on June 15.

Miftah criticised the previous government’s policies that, according to him, “deteriorated the country’s economy”.

The finance minister said the incumbent government was bearing the brunt of that, adding that currently, Pakistan, on every litre, was bearing a loss of Rs24.3 on petrol, Rs59.16 diesel, Rs39.49 kerosene oil, and Rs39.16 on light diesel oil.

Earlier, Prime Minister Shehbaz Sharif rejected the Oil and Gas Regulatory Authority (Ogra) summary, seeking an increase in the prices of petroleum products from June 16.