ISLAMABAD (Kashmir English): The government is likely to increase the prices of petroleum products for the next fortnight, which is expected to be implemented from November 1.
According to media reports, sources say that OGRA (Oil and Gas Regulatory Authority) has prepared a summary of price revisions, which will be sent to the Finance Ministry on October 31.
The Finance Ministry will give the final approval after a detailed review of the summary, after which the new rates will be officially announced on November 1.
According to preliminary estimates, the price of petrol is expected to increase by Rs 2.35 per liter while the price of high-speed diesel is likely to increase by Rs 2.50 per litre.
If this proposal is approved by the Finance Ministry, people will have to buy fuel at the new prices from the beginning of November.
Impact of the global market:
According to economists, there has been a slight increase in crude oil prices in the global market, which is having an impact on the cost of imports in Pakistan. Depreciation of the rupee against the dollar and rising import costs are also affecting prices at the local level.
Experts say that if the current trend in oil prices in the global market continues, the increase in prices may be limited. However, if oil becomes more expensive internationally or the rupee depreciates further, petroleum product prices are expected to rise further in the next fortnightly review.
Government Position:
According to sources, the government is trying to minimize the burden on the public. However, prices remain under pressure due to international conditions and fluctuating exchange rates. If the current trend continues, a slight but inevitable increase in petrol and diesel prices is expected
