ISLAMABAD: Rising crude oil prices in a week in global markets might prompt the Pakistani government to increase prices of domestic petroleum products by Rs 1 to Rs 2.50 per litre from November 1, 2017.
The crude oil price during the outgoing week increased by more than $ 2 per barrel on the expectation that OPEC might consider cutting the oil supplies. Both benchmarks for oil trends, the US and British crude oil commonly known as Nymek and Brent shot up to $ 53.90 and $ 60.44 per barrel respectively.
Following the sharp increase in the crude oil price, according to oil experts, the government might consider some upward revision in the domestic petroleum product. The Oil and Gas Regulatory Authority would prepare the summary of oil products on October 30 which would be sent to the ministry of petroleum and ministry of finance.
However, as per the price trend, there is a likelihood that the price of high-speed diesel and motor gasoline might go up in the range of Rs 1 to Rs 2.50 but it all depends on the summary to be sent by OGRA and approval from the ministries.
The current motor gasoline price stood around Rs 73.50 per litre, high-speed diesel Rs 79.40 per litre, kerosene oil Rs 48 per litre and light diesel Rs 46 per litre.
