ISLAMABAD - The caretaker government on Saturday enhanced the prices of petroleum products massively for the ongoing month of July due to increase in oil prices in international market and depreciation of rupee against dollar.

“OGRA had proposed increase in the price of petrol by Rs7.54 per litre, high speed diesel (HSD) by Rs14.00 per litre, kerosene oil by Rs3.36 per litre and light diesel oil (LDO) by Rs5.92 per litre.

“Due to tight fiscal position, the government has decided to pass on the full impact of the increase to the consumers,” the ministry of finance stated on Saturday. The new prices will be effective from 1st of July till midnight on 31st July.

The government has increased the price of petrol by Rs7.54 per litre. Petrol price has gone up from the existing Rs91.96/litre to Rs99.5 a litre. Meanwhile, the government has also enhanced the price of high speed diesel (HSD) by Rs14 per litre. Its price has increased from the current Rs 105.31 per litre to Rs119.31 per litre.

Similarly, the government has also increased the price of kerosene oil by Rs3.36 per litre. Kerosene oil increased from Rs84.34 per litre to Rs87.7 per litre. For light diesel oil (LDO), the government has increased its price by Rs5.92 per litre from existing Rs74.99 to Rs80.91 per litre.

The ministry of finance stated that on the recommendation of OGRA, Finance Division has approved the new prices of petroleum products w.e.f. 1st July. The increase in the petroleum prices is caused due to increase in petroleum prices in international market and depreciation of rupee against dollar. The financial impact of the above dispensation will be implemented through revision of Sales Tax Rates and Petroleum Development Levy.

It is the second consecutive month the caretaker government has increased the prices of petroleum products. The caretaker government had already increased the oil prices up to Rs6.55 per litre for the previous month.