ISLAMABAD, June 29: The Oil and Gas Regulatory Authority on Sunday formally notified the increase in prices of petroleum products by 10 per cent to 20 per cent.

According to an official notification, the price of petrol, high octane blended component (HOBC), kerosene oil and light diesel oil (LDO) have been increased by Rs6.88, Rs8.08, Rs8.29 and Rs4.46, respectively.

The price of petrol was raised to Rs75.69 from Rs68.81. The new prices of HOBC, kerosene oil and diesel are Rs88.85, Rs49.73 and Rs49.05, revised from Rs80.77, Rs41.44 and Rs44.59, respectively.

This is the fifth time in four months that the prices of petroleum products have been increased.

The price of petrol was Rs53.70 till the end of February. It was raised to Rs58.70 on March 1 and Rs62.81 on March 16. On April 18, the price of petrol was increased to Rs65.81 and, Rs68.81 on May 1.

An Ogra spokesman said the prices of petroleum products had been rapidly increasing in the international market over the past several months, compelling the government to pass on partial increase to consumers.

He said the government would continue to provide a subsidy of Rs3.23 per litre on petrol, Rs33.57 per litre on kerosene and Rs29.04 per litre on light diesel oil after the price increase.

The soaring oil price in the international market is causing severe problems for developing economies like Pakistan because it is creating inflationary pressures, increasing budget deficit, upsetting the balance of payment and, slowing down economic growth.