In addition to a possible petrol price increase, light speed diesel could see a hike of Rs 5, and kerosene oil prices may rise by more than Rs 6 due to fluctuations in global markets.
The petroleum industry has submitted a proposal to the Oil and Gas Regulatory Authority (OGRA) for price adjustments. OGRA is scheduled to review the proposed changes and determine the new fuel prices based on global market trends on January 15.
Following OGRA’s review, Prime Minister Shehbaz Sharif will give the final approval, and the Ministry of Finance will issue a formal notification. The new fuel prices are expected to come into effect on January 16 and will remain valid until January 31.
Previously, diesel and petrol prices were raised by Rs2.96 per litre and Rs0.56 per litre, respectively, for the next 15 days.
Meanwhile, oil prices paused their rally on Tuesday but stayed near four-month highs, with the market focusing on the impact of new U.S. sanctions on Russian oil exports to key buyers like India and China. Brent futures slipped by 54 cents (0.67%) to $80.47 per barrel, while U.S. West Texas Intermediate (WTI) crude fell by 53 cents (0.67%) to $78.29 per barrel.
