Islamabad: Owing to rise and fall in the international oil market it is feared that the petroleum product prices will uptick for next fortnightly starting from November 16.
It is feared that petrol prices will increase up-to Rs 6 per litre. On the other hand petrol price will uptick to Rs 2.50 per litre while high speed diesel feared to increase Rs 5. 91.
The proposed price hikes include a Rs6 increase per liter for light diesel and Rs5 per liter for kerosene. The current petroleum levy stands at Rs60 per liter on petrol and diesel.
Additionally, the ex-refinery rates for petrol and diesel have reportedly climbed by Rs 2.58 and Rs 6.20, respectively, with the premium per barrel increasing by $1.
The oil price adjustments summary will be submitted to the government on November 15, following which the Ministry of Finance will make a final decision.
The ministry, with approval from the prime minister, holds authority to amend prices and adjust taxes keeping in mind its revenue targets.
The latest price hike on October 31 pushed petrol prices up by Rs1.35 per litre, setting the new rate at Rs248.38 per litre. High-speed diesel (HSD) saw a more substantial increase of Rs3.85, now priced at Rs255.14 per litre.
