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DUBAI: Finance Minister Ishaq Dar on Friday announced increment in prices of petroleum products here in a press conference, ARY News reported.

While addressing a press conference, the finance minister announced increment of Rs. 1 per litre in prices of Petrol and Diesel respectively, however, the prices of Kerosene oil would remain unchanged.

The new prices will come into effect from 12 am tonight.

Petrol, after an increment of Rs. 1 per litre, will be sold at Rs. 74, diesel at Rs. 83 while the prices of kerosene oil will remain unchanged.

Earlier, Oil and Gas Regulatory Authority (OGRA) had recommended hike in the prices of petroleum products.

According to OGRA sources, the regulatory body has recommended hike in prices after the prices of petroleum products rose in the international market.

The OGRA had sent its summary to the Finance Ministry for approval, seeking increase of Rs. 2 per litre in prices of petrol and diesel respectively while Rs. 13 per litre hike in prices of kerosene oil.

According to economic analysts consumers of petroleum products in Pakistan are currently paying 38 percent higher rates for the products than prevailing global prices in international market.