The government of Pakistan has hiked the price of petrol by Rs2.73 and the price of diesel by Rs8.37.

The prices were announced through a notification by the Ministry of Finance on Thursday night and will be applicable from February 16.

Fuel prices are revised every fortnight in Pakistan based on recommendations from the Oil and Gas Regulatory Authority.

The prices are influenced by a number of factors including international prices as well as the exchange rate of the dollar against the rupee, as most of Pakistan’s oil is imported.

In turn, the prices of oil have wide ranging effects for Pakistan’s economy, including the price of essential items.