(Web Desk Monitoring) — The federal government announced on Monday an increase in the prices of petrol and high-speed diesel (HSD) by Rs9.99 and Rs6.18 per litre, respectively, for the upcoming fortnight. These new prices will take effect from July 16 (Tuesday).

“The prices of petroleum products have seen an increasing trend in the international market during the last fortnight,” the finance ministry stated.

Following this increase, the new rates for petrol and diesel will be Rs275.60 per litre and Rs283.63 per litre, respectively.

On July 1, the government had already increased the rates of petrol and HSD by Rs7.45 and Rs9.56.

Last month, after extensive budget debate sessions in the National Assembly and Senate recommendations, the federal government revised the petroleum development levy from Rs80 per litre to Rs70 per litre.

International oil prices remained steady on Monday, as concerns about demand in top importer China balanced the support from OPEC+ supply restraint and ongoing tensions in the Middle East, according to Reuters. Brent futures rose by 3 cents to $85.06 a barrel by 12:25 PM EDT (1625 GMT), while US West Texas Intermediate (WTI) crude decreased by 8 cents, or 0.1%, to $82.13 a barrel.