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The government has decided to increase the prices of high-speed diesel (HSD) and petrol by more than Rs 5 and Rs 3 per litre respectively for the next month following a hike in global oil prices, effective from May 1st.

International market rates are expected to see a rise in oil prices. Local markets expected to up the petrol and diesel prices by five percent. OGRA has forwarded a summary of the recommended hike in the prices to the petroleum ministry for approval.

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According to reports, petrol prices will see a rise of 5.02 rupees per litre, whereas diesel prices are expected to rise by 3.55 rupees.

Currently, the government existing tax rates for petrol stands at 21.5%, 27.5% on diesel and 17% on kerosene oil respectively.

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