ISLAMABAD: Government is likely to hike petroleum prices for next fortnight starting from July 16 in move that is expected to further increase inflation.

Petrol price is likely to see an increase of Rs 7.67 per litre, High-Speed Diesel (HSD) Rs 3.72 per litre, and kerosene oil Rs 2.39 per litre. Proposed increase in petrol prices is Rs 7.67 per litre would raise price from Rs 265.61 to Rs 273.28 per litre. Additionally, proposal included an increase of Rs 3.72 per litre for high-speed diesel, pushing price from Rs 277.45 to Rs 281.17 per litre. Price of kerosene is suggested to rise by Rs 2.39 per litre. Ministry of Finance is expected to make an official announcement after consultation with Prime Minister Shehbaz Sharif. It is anticipated that consumers who are already burdened by growing living expenses would bear even more of strain from this price increase. Additionally, sources government is also expected to rise petroleum levy Rs 5 per litre.