The federal government on Tuesday jacked up the price of petrol by Rs19.95 per litre for the next fortnightly review.
Finance Minister Ishaq Dar announced new prices in a press conference here.
“Petrol price has been increased by Rs19.95 per litre to Rs272.95, while high-speed diesel is being increased by Rs19.90 to Rs273.40,” announced Dar.
The revised prices have come into effect immediately, he said, adding that hike in fuel prices was inevitable in line with the commitments made with the IMF on slapping petroleum development levy (PDL) to the rates.
The FinMin went on to say that the prices were increased after taking Prime Minister Shehbaz Sharif into consultation.
However, the finance minister did not announce any changes in the price of kerosene oil or light-diesel oil.
It is pertinent to mention here that the government could not announce the fortnightly adjustment in the prices of petroleum products on Monday as consultations continued into the early hours of Tuesday.