The government has decided to increase the prices of petroleum products with effect from March 16.

A notification issued just before midnight on Wednesday attributed the price increase to increase in Platts Singapore prices as well as the depreciation of the rupee’s value against the dollar.

This brings the price of petrol back to the level of February 28 when it was slashed by Rs5.

Rising fuel prices are one of the components that drive inflation, which has already crossed 40% in Pakistan.