The federal government on Monday hiked the petrol price by Rs9.99 per litre and that of high-speed diesel (HSD) by Rs6.18/ltr for the next fortnight.
A notification from the Finance Division said the new petrol price was Rs275.6/ltr and Rs283.63/ltr for HSD due to price variations in the international market.
It said there would be no change in the applicable duties and taxes, adding that they would remain at the existing level. Prices of the two petroleum products were expected to increase by more than Rs7.60 and Rs3.50 because of higher global oil prices.
Sources said the prices of petrol and HSD had increased in the international market by about $4.4 and $2 per barrel, respectively, in the last fortnight. The government has jacked up the maximum limit of petroleum development levy (PDL) to Rs70 per litre in the Finance Bill to collect Rs1.28 trillion in the current fiscal year against Rs960 billion collection during the previous year, almost Rs91bn higher than the Rs869bn budget target.