The prices of petrol have been increased by Rs3.20 per litre, whereas diesel prices have been increased by Rs2.95 per litre.
The price of kerosene oil has been hiked by Rs.3, while light diesel prices have been raised by Rs4.42.
The new prices will be applicable from midnight (January 16).
A day earlier, the Oil and Gas Regulatory Authority (Ogra) denied that it had sent a summary to the government proposing a hike in the price of petroleum products.
"Reports circulating on media regarding an increase in prices of petroleum products are based on speculation," said a spokesperson of the authority.
The authority was responding to reports that it has recommended increasing the price of petroleum products by Rs11.95 per litre from January 16.
Sources said that the authority has also recommended increasing the diesel price by Rs9.57 per litre.
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