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Govt raises petrol price by Rs5 per litre

Petrol will now cost Rs118.30 per litre. (Source: AFP)

ISLAMABAD: The government on Wednesday announced an increase of Rs5 in the price of petrol.

According to a notification by the Finance Division, the increase was due to the “fluctuations in petroleum prices in the international market and exchange rate variation”.

After the increase, petrol will now cost Rs123.30 per litre. Apart from petrol, an increase in other petroleum products will also be enforced starting September 16.

The price of High-speed diesel has been increased by Rs5.01 and will now cost Rs120.04 per litre. In addition, kerosene will cost Rs5.46 more and will be priced at Rs96.26 per litre, while light diesel oil will become Rs5.92 more costly and will be sold at Rs90.69 per litre.

The Oil and Gas Regulatory Authority (OGRA) had recommended a Rs1 per litre increase in the price of petrol.

The authority has forwarded a summary to the Petroleum Division in which it suggested increasing the price of petrol by Rs1 per litre from September 16. It also recommended an increase of Rs10.50 per litre in the price of high-speed diesel and hiking the price of kerosene oil by Rs5 per litre.