Petrol Prices Likely to Cross Rs. 150 Soon

Petroleum prices in Pakistan are likely to increase from 16 January 2022 following the price hike in the international market.

The price of petrol is expected to reach an all-time high of Rs. 150 per litre amid a hike in the rates of crude oil in the international market. The government is expected to hike petroleum prices by up to Rs. 6 per litre, sources said, adding that the rate of petrol could rise by Rs. 5 per litre and diesel by Rs. 6 per litre.

According to OGRA officials, global crude oil prices have been on the rise for the last 11 to 12 days. This price hike will also affect the prices of petroleum products in the local market. Petroleum prices are likely to increase in Pakistan because the country largely depends upon imported fuel.

OGRA will move the summary of petroleum prices on 14 January. It is expected that OGRA will propose an increment in prices due to price hikes in the international market.

The final decision, however, would be announced by the Ministry of Finance after consultations with the prime minister.

It is pertinent to note that in the Brent oil market, the price of crude oil after a 3.40 percent increment reached $83.72 per barrel. Crude oil price in the WTI market received an increment of 3.68 percent, and now it is $81.22 per barrel.

Currently, the per litre price of petrol is Rs. 144.82, high-speed diesel is Rs. 141.62, kerosine oil is Rs. 113.53, and light-speed diesel is Rs. 111.06 rupees. On 1 January 2022, the federal government increased petroleum prices by Rs. 4 to meet the petroleum levy target agreed with the International Monetary Fund.