The government on Wednesday increased the price of petrol by Rs 5 per liter. After increase in price, the commodity will be sold now at Rs123.30, compared to Rs118.30, effective from September 16 for the next fortnight. The prices of petroleum products have been increased owing to the fluctuations in rates of the product in international market and exchange rate variation, said a press statement issued by the finance ministry. The high speed diesel, with an increase of Rs5.01, will now cost Rs120.04 per litre. Moreover, kerosene will cost Rs5.46 more and will thus be priced at Rs96.26 per litre. The light diesel oil will become Rs5.92 dearer to cost Rs90.69 per litre. The Oil and Gas Regulatory Authority (OGRA) had recommended Re 1 per litre increase in the price of petrol. The authority forwarded a summary to the Petroleum Division in which it suggested increasing the price of petrol by Re 1 per litre from September 16. It also recommended an increase of Rs10.50 per litre in the price of high-speed diesel and hiking the price of kerosene oil by Rs5 per litre.