The federal government approved on Wednesday a summary forwarded to it by the Oil and Gas Regulatory Authority recommending an increase in the price of petroleum products.
Petrol went up by Rs5.15 per litre. The new price of petrol is Rs117.83 per litre.
The price of high speed diesel was hiked by Rs5.65, taking it to 132.47 per litre.
Similarly, the rates of kerosene and light diesel oils were increased by Rs5.38 and Rs8.90 per litre respectively.
The new prices have already taken effect from 12am on Thursday. However, the Ministry of Finance has yet to notify the new prices.
This hasn’t stopped petrol pump owners from raising prices. As of Thursday morning, petrol pumps were selling fuel at the new rates.