Prices of petroleum products likely to increase by up to Rs6 per litre

Prices of petroleum products are likely to witness an increase of up to Rs6 per litre for the second half of January.

Sources in the petroleum division said that the division has received suggestions from OGRA regarding oil prices for the remaining fifteen days of the ongoing month. The finance division in consultation with Prime Minister Imran Khan will announce the final prices of petroleum products tomorrow.

According to sources, OGRA has suggested an increase of Rs5.50 per litre in the price of petrol, Rs5 per litre increase in the price of high-speed diesel (HSD), Rs4 per litre in the case of light diesel oil (LDO), and Rs6 litre for kerosene oil for the remaining fifteen days of January.

Following the approval from the prime minister, the finance division will announce new oil prices on Saturday, said sources.

Under the new mechanism, the government sets the oil prices every fortnight and passes on the impact of international prices to consumers.

The government had earlier increased the price of petrol and HSD by Rs4 per litre for the first 15 days of January. The new price of petrol subsequently was Rs144.82 per litre, whereas the price of high-speed diesel reached Rs141.62 per litre.