Major hike expected in petrol, diesel prices from midnight

WEB DESK: A significant increase in petroleum product prices is expected after midnight tonight, with petrol and diesel rates likely to see notable hikes in the upcoming pricing cycle, according to sources.

Petrol is expected to become more expensive by Rs 4.39 per litre, taking the new price to Rs 257.56 per litre. High-speed diesel is likely to see an increase of Rs 5.40 per litre, bringing its new price to Rs 273.78 per litre.

Sources further indicate that the price of light diesel may rise by Rs 6.55 per litre, while kerosene oil is expected to become costlier by Rs 4 per litre.

The final decision regarding the revised prices will be announced following approval from Prime Minister Shehbaz Sharif.

The anticipated increase follows the previous pricing cycle announced on January 31, when the government raised the price of high-speed diesel by Rs 11.30 per litre while keeping petrol rates unchanged.

Under that notification, the price of high-speed diesel was set at Rs 268.38 per litre, while petrol continued to retail at Rs 253.17 per litre for a fortnight.

In a separate development the same day, the Oil and Gas Regulatory Authority (OGRA) also increased liquefied petroleum gas (LPG) prices by Rs 6.37 per kilogram, setting the new domestic rate at Rs 75.21 per kilogram effective February 1.