The petrol price in Pakistan is likely to soar by Rs7.46 according to analysts on local news channels. According to the sources, Oil and Gas Regulatory Authority (OGRA) will send the summary to the finance ministry and federal government in which it will propose the government to increase the prices.
Petrol is likely to increase by Rs.7.46 per liter while High-Speed Diesel is likely to jump by Rs7.86 and kerosene oil is likely to see an increase of Rs5.61 per liter and Light diesel is expected to increase by Rs5.25 per liter.
However, the PM will provide the final approval of the summary, whether the prices will be increased to the extent that is proposed or the government will make its own recommendations.
Oil Prices in the international market are also on the rise with a record high of $79 to $80 per barrel. Since the price in the international market has been increasing, the federal government instead of taking measures to keep the price as low as possible is putting more taxes on the petroleum products which results in higher oil prices for consumers.