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

Lahore: The Punjab government issued notification of summer vacations for school kids on Thursday.

All state and private schools will observe a two-month summer vacation from the beginning of next month.

The vacataions for private and public schools will begin on June 1 and continue till July 31, the Punjab School Education Department said in the notification.

The notication has also advised private schools to spare students at 11am from May 27 to May 31 in the wake of ongoing heatwave.

Similarly, summer vacation in all public and private educational institutions in Sindh will be observed from June 1 to July 31.

Public and private educational institutes in Balochistan's summer zone districts are observing summer vacation from May 15 to July 31.

In Khyber Pakhthunkhwa, summer vacation in the summer zone would be observed from June 1 to August 14 and in the winter zone from July 1 to July 31.