ISLAMABAD: The federal government is likely to increase petroleum prices for the next fortnight beginning February 16, industry sources said on Saturday, citing fluctuations in global oil markets and exchange rate adjustments.
According to the sources, the price of petrol may rise by Rs4.39 per litre, taking it to Rs257.56 per litre from the existing Rs253.17, subject to official approval.
The price of high-speed diesel (HSD) is also expected to increase by Rs5.40 per litre, which would raise the rate to Rs273.78 per litre from the current Rs268.38.
Kerosene oil prices may also witness an increase of around Rs4 per litre, while light diesel oil (LDO) is likely to become costlier by Rs6.55 per litre.
The final decision regarding revised petroleum prices will be taken after recommendations by the Oil and Gas Regulatory Authority (OGRA) in consultation with the Ministry of Finance and approval by the prime minister.
In the previous fortnightly review announced on January 31, the government increased the price of high-speed diesel by Rs11.30 per litre while keeping petrol prices unchanged.
Petrol is primarily used by commuters, motorcyclists and small vehicle owners, and any increase directly affects household budgets, particularly those of middle- and lower-income groups.
High-speed diesel, widely used in transport, agriculture and industrial sectors, is considered inflationary in nature as higher costs often translate into increased prices of food items and essential commodities due to rising transportation expenses.