Petroleum prices set to rise as Pakistan braces for global market impact

ISLAMABAD: The price of petroleum products in Pakistan is expected to go up from November 16.

According to sources, global fluctuations in petroleum prices may drive an increase of up to Rs6 per litre for the next 15 days. Petrol prices are expected to rise by approximately Rs2.50 per litre.

Sources said that high-speed diesel prices may increase by Rs5.91 per litre, kerosene by Rs5.54, and light diesel oil by Rs5.90.

They said that oil companies have submitted price calculations to the Oil and Gas Regulatory Authority (OGRA), which will forward its recommendations to the federal government on November 15.

According to the sources, final price adjustments will be determined after consultation with the prime minister, and the Ministry of Finance will issue an official notification on November 15.

The sources said that the price changes will reflect shifts in the global market.

Earlier, the International Monetary Fund (IMF) had asked the Pakistani government to implement the general sales tax (GST) on petroleum products and raise the petroleum development levy (PDL) to from Rs60 to Rs70 per liter