New Year's Gift: Petroleum price increase approved

ISLAMABAD: Prime Minister Syed Yousaf Raza Gilani on Friday approved Oil and Gas Regulatory Authority’s (Ogra)summary on the increase in petroleum prices.

Petrol prices will increase by Rs4.88 per litre from January 1 while prices of kerosene oil, high octane and diesel will go up by Rs 3.75, Rs5.64 and Rs4.14  per litre respectively.

The increase in petroleum prices will be due to the increase in prices of petroleum products in the international market, said the summary sent to the prime minister.

Oil prices have traded close to recent two-year highs, as traders continued to absorb news that US crude reserves fell by more than double market expectations last week.

Ogra will announce the new prices of petroleum products today at 11 pm.