The caretaker government has announced a massive hike of almost Rs18 in the price of petrol and Rs20 in that of high speed diesel, taking them to Rs290.45 and Rs293.40 per litre, respectively.

The announcement came at midnight on Tuesday and a fortnight after the Shehbaz-Sharif-led previous government increased the prices of the two products by Rs20.

The new prices were notified by the Finance Division, which said petroleum prices in the international market had increased during the last fortnight.

As a result, the consumer prices in Pakistan were also being revised, it added.

This is the first price revision of petroleum products after Anwaarul Haq Kakar took the reins of the government as the caretaker prime minister a day ago.

According to the Finance Division notification, the new prices will become effective from August 16 (Wednesday).

Pakistan has committed to a petroleum levy of up to Rs50 a litre under an agreement with the International Monetary Fund (IMF) for a bailout package.

Last month, the global lender’s executive board had green-lit a $3 billion nine-month standby arrangement for Pakistan in order “to support the authorities’ economic stabilisation programme”.

The board had approved the bailout package for the country for an amount of $2.25bn Special Drawing Rights (SDRs) — reserve funds that the institution credits to the accounts of its member nations — the IMF had said in a statement, adding that this amounted to about $3bn, or 111pc of Pakistan’s quota.