LAHORE: The federal government on Wednesday approved a hike in petroleum prices by up to 10 per cent following an increase in crude prices in the global market.
The price of petrol was increased by Rs5.15 per litre; Rs5.65 per litre for high-speed diesel; Rs5.38 for kerosene oil; and Rs8.90 for light diesel oil after Oil and Gas Regulatory Authority sent a summary to the government, seeking the hike.
After the approval the prices of petrol will jump to Rs117.83 per litre from the current Rs112.68, reflecting an increase of 5 per cent.
The new prices will take effect from August 1.
In July, the government had decided to not increase the prices of petroleum products.
In June, the government had increased petrol prices by Rs4.26, while the price of high-speed diesel was increased by Rs4.5.