The federal government has increased petrol prices by up to Rs. 2.5 per liter for March.
The increase was due to higher rates in the global market, the Finance Ministry said.
According to a notification released from the Finance Ministry late on Thursday, prices of petrol and high speed diesel will go up by Rs. 2.5 per liter and Rs. 4.75 per liter, respectively.
After the revised tax rates, there will be a hike of Rs. 4.75 per liter in the price of high-speed diesel (HSD), Rs. 2.50 in petrol, Rs. 4.0 in kerosene and Rs. 2.50 in the amount of light diesel oil (LDO).
After the approval of Finance Minister Asad Umar, the new price of HSD will be at Rs. 111.43 per liter from about Rs. 106.68.
The authority has also levied an additional Rs. 2.5 per liter for LDO. The new price will be Rs. 77.53 per liter instead of the existing Rs. 75.03 per liter.
Likewise, the petrol price will go up from Rs. 90.38 per liter to Rs. 92.88 per liter while the price of kerosene oil has been raised to Rs. 86.31 per liter from Rs. 82.31.
The notification added that the government had worked out an increase of Rs. 4.71, Rs. 9.44 and Rs. 5.12 per liter for the price of petrol, high-speed diesel, and light diesel oil respectively.
However, it decided not to increase the prices that much and went with a slightly lower price hike instead. The new prices shall be effected from March 1st until March 31.