ISLAMABAD: The federal government of Pakistan is likely to increase the prices of petroleum products for the next fortnight, with the increase expected to be implemented from November 1.
The Oil and Gas Regulatory Authority (OGRA) has prepared a summary for price adjustments, which will be sent to the Finance Ministry on October 31.
After the ministry’s approval, the new prices are expected to be announced on November 1.
Preliminary estimates suggest that petrol prices could rise by Rs2.35 per litre, while high-speed diesel (HSD) might see an increase of Rs 2.50 per litre.
If the proposed hike is approved, the public will have to purchase petrol and diesel at the new rates starting next month
Economists point out that global crude oil prices have experienced a slight increase, and import costs have also risen. Additionally, local taxes and a depreciating rupee have exerted pressure on fuel prices.
Reports said if global oil prices remain stable, the price hike may remain limited in the upcoming review period. However, if the US dollar strengthens or global oil rates climb further, more significant price increases could be expected in the next 15-day review.
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