The government has increased the prices of gasoline and diesel by Rs 4 per liter. Gasoline will now cost Rs144.82.
According to a notification published Friday evening by the Finance Directorate, the new oil prices will be applied for 15 days from January 1.
The government has increased prices to meet the oil levy target agreed with the International Monetary Fund (IMF).
After the increase, high speed diesel will cost Rs 141.62, while light diesel will cost Rs 111.06 with an increase of Rs 4.15 per liter.
Kerosene Oil has been increased by Rs 3.95, bringing it to Rs 113.53.
As part of an agreement with the International Monetary Fund (IMF), the government will increase the Petroleum Development Tax (PDL) by Rs 4 at the start of each calendar month to increase it to Rs 30 per liter.
On December 16, the government increased the general sales tax (GST) on petroleum products, although it reduced prices by Rs 5 per liter.
Global oil prices rose again after falling sharply earlier in December. Brent Crude was trading at $ 78.98 on Friday. It fell to $ 71.57 on December 20.
Government sources claim that the Oil and Gas Regulatory Authority (Ogra) recommended a higher price increase, but Prime Minister Imran Khan rejected the summary transmitted by Ogra and ordered to increase prices by 4 rupees only.
The price of LPG drops
Meanwhile, Orga had reduced the price of LPG by 5.90 rupees per kg for January. Previously, the price of LPG was reduced by Rs 14.13 on December 1.
According to an OGRA notification released on Friday, the new LPG price was set at Rs 196.68 per kg.
The domestic cylinder became cheaper by Rs 69.63 and will be available at Rs 2,320.
Recall that the government had increased the price of LPG by Rs 13.14 per kg on November 1, while for December, it had reduced the price by Rs 13.14.
In the past six months, the price of LPG has increased by 63%.