Special Assistant to the Prime Minister on Political Communication Shahbaz Gill announced on Monday that the premier had deferred a summary proposing an increase of Rs11 and Rs14 in petrol and diesel prices, respectively.

"The premier said that fuel prices were rising due to an increase in inflation across the globe, but the government would make all-out efforts to save the the people from the impact of this inflation," Gill said on Twitter.

"This is why the prime minister deferred this summary," he said.

"There will be no change in the prices of petroleum products at this time. The government will bear the burden of rising [fuel] prices and will protect the people against its [impact]," he added.

On January 15, the government had raised the price of petrol and high speed diesel by around Rs3 per litre. At the time, the government said that the prices of petroleum products in the international market were "at the highest level since last year"

Last week, sources had estimated the prices of all key petroleum products to go up in a range of about Rs5-15 per litre on Monday (today) for the next fortnight, mainly because of higher international oil prices and application of additional petroleum levy.

'Petroleum products trading at highest level since 2014'

Separately, the finance ministry said that petroleum products were showing a "substantial increase" in the international market and were presently trading at the "highest level since 2014".

"Oil prices have witnessed an increase of 14.5 per cent just in [the] last month in the global market," the statement said.

The ministry said that the existing sales tax rate and petroleum levy on various petroleum products were "much below the budgeted targets", adding that the government was bearing a loss of Rs30 billion fortnightly and Rs260bn annually.

Despite revenue losses due to rising petroleum prices globally, the prime minister deferred the proposal by the Oil and Gas Regulatory Authority to increase prices of petroleum products by up to Rs16.79 per litre, the statement said.

He desired that prices shall remain the same from February 1 to provide "maximum relief" to the people. "The prime minister has further desired to keep the prices at the same level through adjustments in sales tax, if required," the statement concluded.