On the recommendation of Oil and Gas Regulatory Authority (OGRA), the finance division approved new prices of petroleum products with effect from Sunday, July 1, 2018.

According to a statement issued by the finance ministry late on Saturday, OGRA had proposed an increase in the price of petrol by Rs7.54 per litre, diesel by Rs14 per litre, kerosene oil by Rs3.36 per litre and light diesel oil by Rs5.92 per litre.

Citing the "tight fiscal position", the government announced to pass on "the full impact of the increase to the consumers".

"The increase in the petroleum prices is caused due to increase in petroleum prices in international market and depreciation of rupee against US dollar," read the statement.

The financial impact of the above dispensation will be implemented through revision of sales tax rates and petroleum development levy.

The new price of motor spirit 92 RON petrol will be Rs99.5 per litre, while that of high-speed diesel will be Rs119.31.

Similarly, the per litre price of kerosene oil and light diesel oil will be Rs87.7 and Rs80.9, respectively.