The federal government has announced a sharp increase in petroleum product prices, raising the cost of petrol by Rs8 per litre and high-speed diesel by Rs5.16 per litre for the next fortnight.

According to an official notification, the revised prices take effect from March 1.

Officials said the decision reflects adjustments made for the upcoming pricing cycle.

With the increase, petrol becomes costlier by Rs8 per litre, while high-speed diesel sees a hike of Rs5.16 per litre.

The price revision is expected to impact transportation costs and inflationary pressures across the economy.

No further details were provided in the notification regarding the factors behind the increase.