Petroleum prices are expected to rise in the next fortnight, with the new rates likely to take effect from February 16, subject to government approval. Sources familiar with the review say the proposed increase could reach up to Rs6.55 per litre.
Petrol may rise by Rs4.39 per litre, while high speed diesel is likely to increase by Rs5.40 per litre. Kerosene oil could see a hike of Rs4 per litre, and light diesel oil may go up by Rs6.55 per litre.
Officials said the calculation of revised prices has been completed. The Oil and Gas Regulatory Authority will forward a summary of the proposed changes to the Petroleum Division. After approval from Shehbaz Sharif, the division will issue an official notification.
If approved, the new prices will take effect from February 16 for the next 15 days. Previously, on January 31, the federal government raised the price of high speed diesel by Rs 11.3 per litre, increasing it from Rs257.08 to Rs268.38, while the price of petrol remained unchanged at Rs 253.17 per litre. Those rates came into effect on February 1 for the current fortnight.