“The prices of petroleum products have seen an increasing trend in the international market during the last fortnight,” the finance ministry said in a statement.

The new rates of petrol and diesel after a big increase are Rs265.61/litre and Rs277.45/litre.

The Oil and Gas Regulatory has worked out the consumer prices, based on the price variations in the international market, according to the government.

“There will be no change in the applicable tax and duties, which will remain at the existing level,” it said.

The clarification comes as President Asif Ali Zardari gave assent to the finance bill, under which the government increased the petroleum development levy from Rs60 to Rs70.

International oil prices fell on Friday as investors weighed weak US fuel demand and took some money off the table at quarter-end, while key inflation data for May boosted the chances the Federal Reserve will start to cut interest rates this year, Reuters reported.

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Brent crude futures for August settlement, which expired on Friday, settled up 2 cents at $86.41 a barrel. The more liquid September contract fell 0.3% to $85 a barrel.

US West Texas Intermediate crude futures settled 20 cents lower, or 0.24%, to $81.54. For the week, Brent rose 0.02% while WTI futures posted a 0.2% loss. Both benchmarks gained around 6% for the month.