The federal government has announced a surprise increase in the prices of petroleum products, effective November 1. The price of petrol will rise by Rs. 1.35 per liter, bringing it to Rs. 248.38 per liter. Meanwhile, the price of high-speed diesel will see a larger increase of Rs. 3.85 per liter, reaching Rs. 255.14 per liter.

In a brief statement, the Ministry of Finance explained that the new consumer prices have been calculated by the Oil and Gas Regulatory Authority (OGRA), taking into account fluctuations in the international market.

During the last fortnightly review of petroleum prices, the government had maintained the price of petrol at Rs. 247.03 per liter, while the price of high-speed diesel was increased by Rs. 5 per liter to Rs. 251.29.