The government has jacked up the price of petrol by Rs12.03, taking it to a record high of Rs159.86 per litre as a global hike in rates takes toll on oil-importing countries, Aaj News reported.

The price of high-speed diesel (HSD) was also increased by Rs9.53 per litre, with the new rate now becoming Rs154.15. The prices come into effect from February 16.

The previous price of petrol was Rs147.83 per litre, while the old price of HSD was Rs144.62.Moreover, the prices of kerosene and light diesel oil (LDO) have also been increased by Rs10.08 and Rs9.43 per litre, respectively. The new price of kerosene is Rs126.56 and that of light diesel oil is Rs123.97.

Cannot sustain 'artificially' kept low petrol prices: Shaukat Tarin

Earlier, it was reported that the federal government may increase the prices of petroleum products by up to Rs 12.33 per litre owing to global hike in crude oil prices and inclusion of petroleum levy (PL) and general sales tax (GST) with effect from February 16, market sources said.

On February 1, 2022, the government had decided to maintain the prices of petroleum products for the first 15 days of February.

Special Assistant to the Prime Minister on Political Communication Shahbaz Gill had tweeted at the time: “The prime minister did not approve the summary of increasing petrol price by Rs 11 and diesel by Rs 14”.

A few days ago, Finance Minister Shaukat Tarin indicated an increase in petroleum prices in the coming days, adding that the government could not keep petroleum product prices low artificially.