On the eve of the beginning of the year 2018, Federal Government has given a New Year gift to the people as prices of petroleum products have been increased.

Prime Minister Shahid Khaqan Abbasi has approved Rs 4.06 per litre hike in petrol price on Sunday on recommendation of Oil and Gas Regulatory Authority (OGRA).

The new price of petrol will be Rs81.53 a liter after increase of Rs4.6, said Prime Minister’s Advisor on Finance Miftah Ismail.

“The petrol prices are climbing up in the global markets, yet the rates in Pakistan are lesser than in India, Bangladesh and Turkey,” he said while announcing revised rates of petroleum products.

PM Shahid Khaqan Abbasi approved increase in the petroleum product prices on recommendation of Oil and Gas Regulatory Authority.

High-speed diesel will be available for Rs89.91 a liter after increase of Rs3.96,

The price of kerosene oil has also been increased by Rs6.74, while light diesel has been increased by Rs6.25 taking it to Rs58.37 a liter.

The financial advisor cited hike in prices in the international markets for upward revision here in Pakistan.

The new prices will be effective from 12 am on January 1, 2018.