ISLAMABAD – The federal government is expected to announce a significant increase in petroleum prices for second fortnight of July 2024 tonight.

Prime Minister Shehbaz Sharif-led government would announce the revised prices of petrol, diesel and other products tonight, with new prices coming into effect from July 16.

Reports said the government would increase the petrol price by Rs7.67 per litre, high speed diesel price by Rs3.72 and Kerosene oil by Rs2.73 per litre.

A summary to increase the petroleum levy has been prepared and it will be implemented after getting approval from the prime minister.

In the last fortnight's review, the government of Pakistan jacked up the price of petrol by Rs7.45 per liter, setting the per liter price of petrol at Rs265.61.

The price of high-speed diesel (HSD) has also been increased by Rs9.56 to Rs277.45 per litre.