Petrol prices are likely to increase by Rs. 8.5 per liter after a recent hike in the prices of crude oil in the global market.

According to sources, the prices of petroleum products are also expected to shoot up with the rising rates of oil in the international market.

Prices of petroleum products are likely to increase by up to Rs. 13 per liter, whereas the price of high-speed diesel is expected to surge by Rs. 5.5 per liter.

These are the initial calculation worked out by Oil and Gas Regulatory Authority (OGRA), which suggest a nominal increase in prices. This summary will then be sent to the Ministry of Finance, which after its revenue impact, will present it to the Prime Minister for a final decision, said the sources.

It is to be noted that previously, an increase of Rs. 9 per liter in the prices of petrol had been postponed by the premier on 1 February 2022.

Due to the recent Russia-Ukraine tensions, the Brent Oil prices have broken a 7-year record. As of 14 February 2022, Brent Oil in the international market has surged up to $ 95.6 per barrel, and with its continuous rising trend for the past few months, it is speculated that the price might further rise.

Source: Pro Pakistani