The federal government on Saturday increased the price of petrol by Rs3.01 per litre, taking it to a record high of Rs147.83 per litre.
According to a notification issued by the finance ministry, the price of high-speed diesel was also raised by Rs3, lifting it to Rs144.62 per litre.
It stated that the price of light diesel oil was increased by Rs3.33 and kerosene oil price also hiked by Rs3 per litre.
Read more: Govt cuts petrol, diesel prices by Rs5
The new prices will come into effect from 12am tonight and will continue to be implemented till January 31.
This is the second time the government has increased the prices of petroleum products this month. On January 1, the price of petrol was increased by Rs3 per litre.
The new prices were part of the government’s commitments with the International Monetary Fund (IMF).
On December 15, the government had approved partial relief to the oil consumers and reduced the rates of petrol and high-speed diesel by Rs5 per litre in line with declining oil prices.
The Ogra had proposed a reduction in prices of petroleum products by Rs8 to 10 per litre and recommended Rs10.77 and Rs7.73 per litre reduction in the prices of petrol and high-speed diesel (HSD), respectively.
But the Finance Ministry in a statement said that PM Imran rejected the Ogra summary. However, it said that the prime minister advised increasing the price of petroleum products up to Rs4 per litre in order to meet the target of the petroleum levy agreed with IMF.