The government announced an increase in the price of petrol by Rs13.55 per litre, taking it to Rs272.89, according to a notification issued by the Finance Division.
The new price will be effective from February 1 to February 15.
The price of High-Speed Diesel (HSD), which is widely used in transport and agriculture sectors, is also increased by Rs2.5 per litre to Rs278.96.
The government said the price revision was based on a surge in international oil prices. The global oil prices have been rising steadily in the past few weeks, reaching their highest levels since January 2020.
The main reasons behind the oil surge are the production cuts by the OPEC+ group, the vaccine rollouts, and the stimulus hopes in the US.
The latest price hike comes after the government had reduced the petrol price by Rs8 per litre to Rs259.34 in the previous fortnight, while keeping the diesel price unchanged at Rs276.21.
The government claimed that it had passed on the full benefit of the reduction in the international oil prices to the consumers at that time.
