Oil price in global market recorded slight increase during February which led the regulatory authority to increase fuel prices in local market, sources said.
According to Oil and Gas Regulatory Authority (Ogra) sources, petroleum prices likely to be hiked by Rs. 3.97 per liter, while high octane blending component by Rs. 4.50 per liter.
The regulator also recommended Rs. 2.66 per liter hike in kerosene oil price and Rs. 3 per liter for high speed diesel (HSD) and Rs. 2.61 for light speed diesel.
The new prices will come into effect from March 1st.
Currently High Octane Bleeding Component (HOBC) stands at 77.10 per litre, Petrol at 70.29, High Speed Diesel (HSD) at 80.61, Light Speed Diesel (LDO) at 57.94 and Kerosine Oil at 61.44.