According to a statement released by the Finance Division on Saturday, the government increased the price of petrol by Rs3.01 per litre in response to rising petroleum prices in international market.

Petrol will now cost Rs147.83 per litre, up Rs3.01 from the previous price, while high-speed diesel will cost Rs144.62 per litre, up Rs3.

Furthermore, kerosene will be Rs3 more expensive, costing Rs116.48 per litre, while light diesel oil would be Rs3.33 more expensive, costing Rs114.54 per litre.

The new prices will come into effect from January 16.

The Oil and Gas Regulatory Authority (OGRA) suggested a petrol price rise of Rs5.52 per litre and an HSD price hike of Rs6.19 per litre.

“The petroleum products are showing fourth straight weekly gain and witnessed an increase of 6.2% just in last week in the international market,” the statement read.

It went on to say that international market prices are at their highest level since last year.

“Against the recommendation of OGRA […] the Prime Minister has directed to absorb the international prices through further cut in sales tax from last fortnight,” the statement read.

“The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax. Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief

Also Read

Latest Petrol Price in Pakistan: Petrol price may hit all-time high of Rs150 per liter

 KARACHI: Sources at oil marketing businesses said on Thursday that the price...