The federal government approved the summary of the Ministry of Petroleum and increased Rs5 per litre in petrol price, 24News HD TV channel reported on Wednesday.
The government also increased the levy (a tax) on petroleum products by Rs1.51 per litre to Rs3.51 per litre.
According to the sources, the government had increased the price of high-speed diesel by Rs5 per litre too.
The price of kerosene had also been increased by Rs Rs5.92 per litre, sources said adding that the new prices would take effect from tonight at 12 am.
Yesterday, the Ministry of Petroleum prepared a summary of the increase in prices of petroleum products by Rs10.50 per litre.
The prices of petroleum products were likely to go up as the Ministry of Finance had received a summary in this regard.
In the summary, it was proposed to increase the price of high-speed diesel by Rs10.50 per litre and petrol by Rs1 per litre.
It was also proposed in the summary to increase the price of light diesel oil and kerosene oil by Rs5.50 per litre.
The sources said that the summary of the increase in prices of petroleum products was prepared in accordance with the existing levy and general sales tax (GST).
The final decision on prices would be taken by the Finance Ministry in consultation with the Prime Minister.
On the other hand, the government also increased the levy (a tax) on petroleum products from Rs1.51 per litre to Rs3.51 per litre.
According to the sources, the levy on petrol has been increased by Rs3.51 per litre. Earlier the levy on petrol was Rs2.11 per litre so it reached at Rs5.62 per litre now.
While levy on high-speed diesel at Rs5.14 per litre and on kerosene at Rs2.6 per litre.
The sources said that the levy on light diesel has also increased by Rs1.51 per litre.
The new levy rates would take effect on September 16, the sources said.
Reporters: Waqas Azeem, Awais Kiyani