The caretaker government has increased the prices of petrol and high-speed diesel (HSD) for the next 15 days, starting from February 16, following the recommendation of the Oil and Gas Regulatory Authority (Ogra).
According to a notification issued by the Finance Division on Friday night, the price of petrol has been raised by Rs2.73 to Rs275.62 per litre, while the price of HSD has been hiked by Rs8.37 to Rs287.33 per litre.
The prices of kerosene oil and light diesel oil remain unchanged.
The price hike is attributed to the rise in international oil prices and import premiums, which offset the slight appreciation of the rupee against the dollar.
The price of petrol increased by about $1.20 per barrel to $89.9, while the price of HSD went up by about $3.5 per barrel to $101.82 in the last two weeks.
The government is already collecting Rs60 per litre as petroleum levy on both petrol and HSD, which is the maximum limit allowed by the law. The government has a budget target of Rs869bn as petroleum levy for the current fiscal year, as part of its agreement with the International Monetary Fund (IMF).
It has collected about Rs475bn in the first half of the year. The government is also charging Rs60 per litre as general sales tax (GST) on both products, while it is charging Rs50 per litre on high octane blending components and 95RON petrol.
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