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Prime Minister Shahid Khaqan Abbasi on Wednesday approved an increase in the prices of petroleum products for the month of February, DawnNews reported.

The price of petrol has been increased by Rs2.98 per litre, climbing to Rs84.51 from Rs81.53, and that of kerosene by Rs5.94 per litre, climbing to Rs70.26 from Rs64.32 per litre.

The price of High-Speed Diesel (HSD) has been jacked up by Rs5.92 per litre to reach Rs95.83 from Rs89.91 per litre. The Light Diesel price had been increased by Rs5.93 per litre to reach Rs64.30 from Rs58.37 per litre.

The revised rates are going to be implemented with effect from February 1.

According to a DawnNews report the price of crude oil in the international market has increased by $14 per barrel during last 13 months. However, the government has increased the price of petrol by Rs18.24 per litre during the period under review.

Similarly, the price of kerosene oil has been increased by Rs27.01 per litre during the same period. The price of Light Diesel has been increased by Rs20.91 per litre, while the price of High-Speed Diesel has been increased by Rs20.61 per litre.

According to a document, a copy of which is available with DawnNews, the Oil and Gas Regulatory Authority had recommended an increase of Rs10.25 in per litre in HSD, Rs12.74 in Kerosene Oil and Rs11.72 per litre in LDO.