Petroleum product prices in Pakistan are expected to rise starting November 16, 2024, due to fluctuations in the global oil market.
Sources suggest that the price of petrol could increase by Rs 2.50 per liter, while high-speed diesel (HSD) may go up by Rs 5.91 per liter.
Kerosene oil could see a hike of Rs 5.54 per liter, and light diesel oil (LDO) may rise by Rs 5.90 per liter over the next two weeks.
Oil companies have already submitted their proposed price adjustments to the Oil and Gas Regulatory Authority (OGRA).
Read More: Did Atif Aslam refuse to perform in Saudi Arabia?
The price calculations will be forwarded to the government on November 15, 2024, and final approval will be given in consultation with the Prime Minister.
Currently, the government imposes a fixed tax of Rs 76 per liter on both petrol and HSD, including a petroleum development levy of Rs 60 and a customs duty of Rs 16.
Despite minor fluctuations in global oil prices, where Brent crude slipped by 1% to $71.82 per barrel and US WTI saw a slight increase to $68.07, crude oil prices have fallen by around 25% in the past month.
Recent market trends show an increase in petrol and HSD prices, with petrol’s average price moving from $75.6 to $77.2 per barrel, while HSD rose from $83.6 to $88 per barrel.
