Prices of petroleum products are likely to be scaled up by Rs 5 per liter from September 01.
Heavy taxes and imposition of petroleum levy are stated to be the instrumental in possible raise in the prices of petroleum products.
According to sources price of petrol is likely to be increased by Rs 4.50 per liter and high speed diesel by Rs 5 per liter.
Government will determine new prices on August 31. It was said that petroleum prices will be changed after every 15 days from September. As per Economic Coordination Committee (ECC) decision, petroleum prices will be determined biweekly . The present prices will remain in place till the end of August.
ECC had accorded approval on July 28 for revising the petroleum products prices after every 15 days. ECC meeting was held under finance advisor Abdul Hafiz Sheikh.
Presently petrol is selling at Rs 100.10 per liter and diesel at the rate of Rs 101.46 per liter.