KARACHI: Following a recent hike in petroleum prices, the government has now increased the price of Jet fuel (JP-1 fuel) used by commercial aircraft, ARY News reported.The government raised the jet fuel price by Rs 154 per litre, bringing the cost to a record Rs 342.37, up from the previous Rs 188.93.This represents a staggering 82 percent increase, which is likely to result in an airfare uptick of at least Rs 5,000. Aviation experts noted that airlines will inevitably raise fares to cover the surge in operational expenditures.Yesterday, the government of Pakistan had announced a sharp increase in petrol prices, citing rising global oil costs linked to escalating tensions in the Middle East.Speaking at a press conference in Islamabad, federal ministers have announced an increase of Rs. 55 per litre in the prices of petrol and diesel.Under the new prices, petrol will cost Rs. 321.17 per litre, while diesel will increase from Rs. 275.70 to Rs. 335.86 per litre.Deputy Prime Minister and Foreign Minister, Ishaq Dar, has said that the decision had been taken after oil prices surged in the international market following a widening conflict in the region.He told reporters that the situation intensified after an attack on Iran, adding that the conflict had expanded over the past 48 hours, with Turkey and Azerbaijan also becoming involved, pushing global petroleum prices significantly higher.Petroleum Minister Ali Pervaiz Malik, who also attended the briefing, described the increase as a difficult decision. He said the government was trying to ensure the country’s energy needs were met during a challenging period.IMF urges Pakistan to increase petrol prices immediatelyThe International Monetary Fund (IMF) has urged Pakistan to immediately increase petrol and diesel prices, sources said.According to sources, the demand was made during virtual talks between Pakistani authorities and an IMF delegation.