Prime Minister Imran Khan has deferred the summary recommending the price-hike, Gill wrote on Twitter.

"The prime minister did not approve the summary to increase petrol price by Rs11 and diesel by Rs14. The prime minister said the government would do its utmost to save the people of Pakistan from inflation. Therefore, the Prime Minister has deferred this summary," he added.

It had earlier been reported that the petrol price could go up by 5.03% or Rs5.85 per litre, while the price of HSD is likely to be raised by 9.49% or Rs10.72 per litre.

Pakistan’s inflation rate is still under pressure like in other countries due to rise in international commodity prices as well as economic agents’ expectations. The Ministry of Finance released its Monthly Economic Outlook report for January 2022, saying that inflation is high and year-on-year inflation is expected to remain in double digits in the coming month.

High prices have become a major issue for the government that is battling challenges on the external trade front as well. Inflation crept up to 12.3% in December.

Oil in the international market rose more than 1% on Monday to near 7-year highs hit in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

Brent crude rose $1.07, or 1.2%, to $91.10 a barrel at 0325 GMT (early Monday morning), after adding 69 cents on Friday.