Petrol and diesel prices in Pakistan are likely to go up by as much as Rs6.60 per litre for the next fifteen days, as global crude oil prices continue to rise, according to industry insiders.
At present, the proposed increase includes a hike of Rs6.60 per litre in petrol and Rs5.27 per litre in high-speed diesel. On the other hand, the prices of kerosene and light diesel may see a decrease of Rs3.74 and Rs2.23 per litre, respectively.
The Oil and Gas Regulatory Authority has completed its assessment based on recent international market trends and is expected to present its final summary to the government by tomorrow. The oil industry has already shared its pricing data with the regulatory body.
Sources have confirmed that any decision on the price adjustment will be taken after Prime Minister Shehbaz Sharif approves OGRA’s recommendations.
These changes, once approved, will apply for the next fifteen days under the government’s routine petroleum price review process.
Earlier this month, on July 1, the federal government had already increased petrol and diesel prices for the first half of the month, citing instability in global markets due to the 12-day conflict between Iran and Israel.
Petrol prices were raised by Rs8.36 to Rs266.79 per litre, while high-speed diesel went up by Rs10.39 to Rs272.98 per litre, based on OGRA’s earlier suggestions.
Pakistan, which imports nearly 85 percent of its petroleum supply, has been directly affected by the ongoing crisis in the Middle East.