The Federal Government is likely to increase petroleum products prices from July 16, with petrol price expected to raise by Rs7.67 per litre, high-speed diesel by Rs3.72 per litre, and kerosene by Rs2.73 per litre.

According to the sources, a proposal to jack up petroleum levy has been prepared which is awaiting final approval from the Prime Minister Shehbaz Sharif.

The Ministry of Finance will likely announce the new prices of the petroleum products tonight after consultations with the premier.

The latest surge in the prices of the petroleum products is linked with rising global oil prtices and Pakitsan's adjustment of petroleum levy in line with the grinding demands of  the International Monetary Fund (IMF) which had made the country raise the petroleum development levy to Rs70 per litre in the Finance Bill. 

It is worth mentioning the government also dropped a petrol bomb on July 1.