ISLAMABAD: Pakistan is bracing for a potential hike in petroleum prices following a significant rise in global oil markets.
Proposals currently under consideration suggest an increase of up to 40.75 rupees per liter for diesel and 8 rupees per liter for petrol.
This anticipated adjustment stems from a sharp upward trend in international crude oil costs. Specifically, the global price of petrol has risen by 10.23 dollars, bringing the per-barrel rate to 98.76 dollars—which, after including premiums, reaches 109.74 dollars.
This has pushed the ex-refinery price of petrol from 200 rupees to 210 rupees. Meanwhile, diesel has seen a more substantial impact, with international prices climbing by 20 dollars to reach 140 dollars per barrel, resulting in an ex-refinery price jump from 226.58 rupees to 267.23 rupees.
The Oil and Gas Regulatory Authority (OGRA) is expected to submit a summary to the government today based on these market observations.
Final authorization for the new rates rests with the Prime Minister, who is expected to make a decision following consultations with his economic team.
