Govt increases petrol price by Rs 1.71/litre

ISLAMABAD - On Tuesday Finance Minister Ishaq Dar approved an increase in prices of petroleum products effective from March 1 (tomorrow).

The prices of petrol and diesel have been increased by Rs 1.71 per litre and Rs 1.52/litre respectively, while the prices of kerosene oil and light-speed diesel were not changed.

The new rates will be applicable by 12 midnight on Tuesday.

The Oil and Gas Regulatory Authority (OGRA) on Monday sent a summary to Ministry of Finance suggesting a hike in prices of petroleum products.

In the summary, the OGRA had requested the ministry to raise the price of petrol by Rs 2.96 per litre, diesel Rs 2.18 per liter and price of kerosene oil by Rs 17.55/litre.

Earlier, on February 15, Finance Minister Ishaq Dar had increased the prices of petroleum products effective from January 16.

The prices of petrol and diesel had been raised by Rs 1 per litre, while the prices of kerosene oil and light-speed diesel were maintained for the period, expiring on February 28.