An increase in petroleum prices is anticipated starting January 16 due to rising costs in the global market. The price changes will be applicable for the next 15 days.
The oil industry has submitted a working document to the Oil and Gas Regulatory Authority (OGRA) regarding petroleum products.
According to the report, petrol prices may rise by up to Rs3.5, while diesel could become Rs3.70 more expensive. Light diesel oil may increase by Rs5, and kerosene could see a hike of over Rs6.
The current prices of petrol and diesel stand at Rs258.66 and Rs258.34, following a 56-paisa and Rs2.96 increase in the last fortnightly revision, respectively.
OGRA is set to determine the pricing based on global market trends on January 15. Prime Minister Shahbaz Sharif will give the final approval regarding the price changes.
International oil prices eased on Tuesday but remained near four-month highs, with the impact of new US sanctions on Russian oil dominating the market focus.
