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.

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.

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.

This story was first published in business recorder on February 15, 2022.