The federal government on Wednesday increased the prices of petroleum products for the rest of February, 2017.

Addressing a press conference in Islamabad, Federal Finance Minister Ishaq Dar announced that the prices of petrol and high speed diesel (HSD) were being raised by Re1 respectively.

The minister said that the prices of Light Diesel and Kerosene Oil are being maintained for the period, expiring on February 28.

Dar claimed that the Ministry of Finance would absorb an additional burden of Rs3 billion by not fully transferring the impact of higher oil prices in the international market.

The new rates will be applicable by 12 midnight on Wednesday.

Last month, the government had increased the prices of petrol and high speed diesel (HSD) by Rs2.25 and Rs2.26 per litre respectively.