Petroleum product prices are likely to rise in the upcoming fortnight, with revised rates expected to take effect from February 16 if approved by the government. The proposed increase could go as high as Rs. 6.55 per litre, according to sources familiar with the pricing review.
Petrol is expected to increase by Rs. 4.39 per litre, while high-speed diesel may see a hike of Rs. 5.40 per litre. Kerosene oil is likely to go up by Rs. 4 per litre, and light diesel oil may increase by Rs. 6.55 per litre.
Sources said the working on revised petroleum prices has been completed. The Oil and Gas Regulatory Authority will send a summary of the proposed adjustments to the Petroleum Division. After approval from Prime Minister Shehbaz Sharif, the division will issue a formal notification.
If cleared, the new prices will come into effect from February 16 for the next 15-day period.
Earlier, on January 31, the federal government increased the price of high-speed diesel by Rs. 11.3 per litre, raising it from Rs. 257.08 to Rs. 268.38. The price of petrol remained unchanged at Rs. 253.17 per litre. The revised rates took effect from February 1 for the ongoing fortnight.
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