According to a notification by the Finance Division, besides petrol, an increase in other petroleum products will also be enforced starting January 16.
Petrol, with the Rs3.01 increase, will now cost Rs147.83 per litre, whereas high speed diesel (HSD), with an increase of Rs3, will now cost Rs144.62 per litre.
In addition, kerosene will cost Rs3 more and will thus be priced at Rs116.48 per litre, while light diesel oil will become Rs3.33 dearer to cost Rs114.54 per litre.
The Oil and Gas Regulatory Authority (OGRA) had recommended a Rs5.52 per litre increase in the price of petrol and Rs6.19 per litre in HSD prices.
"The petroleum products are showing fourth straight weekly gain and witnessed an increase of 6.2% just in last week in the international market," the statement read.
It further said that the prices in the international market are at the highest level since last year.
The Finance Division said that the existing sales tax rate and petroleum levy on various petroleum products are much below the budgeted targets.
"Against the recommendation of OGRA [...] the Prime Minister has directed to absorb the international prices through further cut in sales tax from last fortnight," the statement read.
"The finance ministry will take Rs2.6 billion revenue hit due to reduced sales tax. Therefore, the government has decided to make partial increase in the prices of the petroleum products in order to provide relief to the end consumers," it added.
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