The federal government on Sunday increased the prices of petroleum products by up to 11.75 per cent for the month of January 2018, DawnNews reported.

The announcement in this regard was made by Miftah Ismail, the newly appointed adviser to Prime Minister on Finance, while addressing a press conference in Islamabad.

Petrol and high-speed diesel — the two most widely used products — will now sell for Rs81.53 and Rs89.91 a litre, respectively, after an increase of around Rs4 each.

Ex-depot price of high-speed diesel increased by Rs3.96 per litre and that of petrol by Rs4.06 per litre.

Moreover, the price of light-diesel oil (LDO) has been increased by Rs6.25 per litre while the price of kerosene oil will see a hike of Rs6.79 per litre.

According to Ismail, the decision was taken by Prime Minister Shahid Khaqan Abbasi after the Oil and Gas Regulatory Authority (OGRA) recommended to do so.

Defending the price hike, Ismail said that the prices of petroleum products have continuously been increasing. He mentioned that the ratio of sales tax on petrol has not been changed.

The revised prices of petroleum products will take effect from January 1, 2018.