Finance Minister Ishaq Dar while announcing the new prices said that the Oil and Gas Regulatory Authority (Ogra) had recommended more hike in the prices, but the government refused it.
The new prices will take effect from 12 am tonight with petrol at Rs 64.27 and diesel at Rs 72.52 per liter. The rates of light diesel, kerosene oil and hi-octane will remain the same as earlier.
Maintaining its policy to not provide any relief to public, the government once again did not sanction any cut in the heavy taxes on petroleum products.
Earlier while demanding the government not to hike the prices, Opposition Leader Syed Khursheed Shah said that the rates of diesel can further be lowered by Rs 10.