Petrol prices likely to Increase from May 16, check expected rates inside

ISLAMABAD: The Economic Coordination Committee (ECC) has approved an increase in the prices of petroleum products for the coming 15 days.

The ECC approved an increase in the prices of petrol and high-speed diesel by Rs 4.12 per liter to cover the losses of refineries, oil marketing companies, and dealers.

According to the report, this increase will be implemented from May 16 in line with the expected relief due to the decline in oil prices in the global market. The government may issue a notification today.

The increase, if approved by the finance minister, would see petrol priced around Rs255 per liter by May 16, while high-speed diesel may be priced between Rs249 and Rs250 from the same date.

The rise can be attributed to the ongoing rise in global crude markets driven by expectations of a rebound in global oil demand in light of easing trade tensions between the United States and China.

Recently, US crude prices rose 1.2pc to $62.62 per barrel, while Brent crude also rose 1.1% to $64.86 per barrel, gains reported to be part of a wider upward trend on Monday, when US crude reached a two week high of $63.57 and Brent saw a rise to $66.34 – the highest price since late April.