Pakistan government on Friday announced a hike of Rs55 per litre in the prices of petrol and diesel in line with increasing international oil prices. The announcement was made in a press conference by Petroleum Minister Ali Pervaiz Malik alongside Deputy Prime Minister and Foreign Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb. With the increase of Rs55, the petrol price jumped to Rs321.17 per litre, with effect from midnight. Meanwhile, diesel price soared to Rs335.86 per litre. The development comes in line with the escalating crisis in the Middle East after the United States and Israel launched strikes on Iran, killing its Supreme Leader Ayatollah Ali Khamenei. Iran retaliated with strikes on Israel as well as US bases in Gulf countries, and announced it wouldn’t allow vessels to pass through the Strait of Hormuz. On Friday, Brent crude futures were up $5.42, or 6.35%, at $90.83 a barrel at 10:37am. CST (1637 GMT). West Texas Intermediate crude (WTI) was up $7.81, or 9.81%, at $88.96. In the previous review on February 28 , the government had increased the petrol price by Rs8 per litre, taking the rate to Rs266.17 per litre. It had also surged the price of diesel by Rs5.16 to Rs280.86. Earlier on Friday, Prime Minister Shehbaz Sharif ordered an immediate nationwide crackdown on the hoarding of petroleum products, directing provincial governments to shut down petrol pumps and cancel the licences of those involved in creating artificial shortages. Last week, the premier constituted an 18-member high-level committee to assess the impact of rising international oil prices on the country’s economy.