Islamabad: The federal government Thursday announced hike in per litre price of petrol and diesel by Rs30 each.

The announcement came after the International Monetary Fund (IMF) emphasised abolishing the subsidies on the commodities.

Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022. New prices will go into effect at midnight. The new price of petrol will be Rs 179.86 & diesel will be Rs 174.15 per litre.

— Miftah Ismail (@MiftahIsmail) May 26, 2022

Federal Finance Minister Miftah Ismail announed raise during a press conference.

In a tweet, the minister said: "Government has decided to increase the prices of Petrol, High Speed Diesel, Kerosene Oil and Light Diesel Oil by Rs 30 per litre from Friday May 27, 2022. New prices will go into effect at midnight. The new price of petrol will be Rs 179.86 & diesel will be Rs 174.15 per litre."

Petrol will now be available at Rs179.86, diesel Rs174.15, Kerosene oil Rs155.56 and Light diesel Rs148.31.

Ismail said the government had no other option but to raise the prices, adding that "we are still bearing a loss of Rs56 per litre on diesel" even under the new pricing.

Davos: Foreign Minister Bilawal Bhutto Zardari Thursday emphasized that Pakistan and Iran should tap the existing vast scope in bilateral trade and economic cooperation through various institutional mechanisms and innovative ways to identify new sectors.

The foreign minister, in a meeting with his Iranian counterpart Dr. Hossein Amir Abdollahian, on the sidelines of the World Economic Forum in Davos, reaffirmed Pakistan’s desire to strengthen Pak-Iran fraternal ties in all areas of mutual interest.

He underscored the importance of the earliest completion of border markets to improve livelihood in the border region.

The foreign minister appreciated Iran’s steadfast support for the Kashmir cause, especially at the Supreme Leader level.

Foreign Minister Bilawal also thanked Foreign Minister Abdollahian for sending an Iranian aircraft to Pakistan which helped in extinguishing the forest fire in Balochistan.

In the context of the situation in Afghanistan, Foreign Minister Bilawal Bhutto Zardari noted that as neighbours, Pakistan and Iran had been closely coordinating.

He underlined that sustained engagement between the international community and the Interim Afghan government was critical to advance shared objectives of peace and stability in Afghanistan.

Foreign Minister Abdollahian extended an invitation to the foreign minister to undertake a visit to Iran.

SOURCE: APP

Karachi: Pakistan Navy during action in the Arabian Sea foiled a bid to smuggle narcotics worth millions of dollars.

According to PN’s spokesperson, Pakistan Navy Ship DEHSHAT in collaboration with PN air units seized approximately 4500 Kilograms of drugs at the North Arabian Sea. While undertaking maritime security operations, PNS DEHSHAT intercepted the suspicious dhow and recovered a large cache of drugs valued approximately 6.7 million dollars in the international market.

The spokesperson said that the successful operation by the Pakistan Navy in the seizure of a huge quantity of narcotics is a testimony to the fact that Pakistan Navy remains combatted to fulfill national and international obligations and maintaining good order at sea. Pakistan Navy is vigilant to counter any illegal activity and safeguard its maritime borders.

The successful execution of the anti-narcotics operation is a demonstration of the Pakistan Navy's resolve to deter and disrupt illegal activities in the maritime zone of Pakistan, the PN spokesperson said.