The Finance Division on Sunday night notified hefty increases in the prices of both petrol and diesel, with the rates climbing by Rs4.80 and Rs7.95 per litre, respectively.

According to a notification seen by Dawn.com, the finance division stated that the new prices had been determined “based on the recommendations of Ogra (Oil and Gas Regulatory Authority) and the relevant ministries”.

From June 16, high-speed diesel (HSD), which previously cost Rs254.64 per litre, will now be sold for Rs262.59.

Similarly, petrol, which cost Rs253.63 per litre, will now be available for Rs258.43.

Previous estimates suggested that petrol and diesel prices would increase by ab­­­­out Re1 and Rs5 per lit­re, respectively, for the next fortnight, owing to higher international market prices.

Based on existing tax ra­­­­tes, informed sources said that the ex-depot price of petrol was estimated to go up by about Re1 per litre depending on final calculation on June 15, followed by a Rs5 per litre increase in HSD.

Earlier this week, under an iron-clad commitment with the International Monetary Fund, the government announced the imposition of Rs77 per litre petroleum levy and Rs5 per litre carbon levy on furnace oil and Rs2.5 per litre charge on petrol and diesel from July 1.