With continuous depreciation of the Pakistani rupee and soaring crude oil prices globally, petrol is likely to rise even higher from November 1.
According to oil marketing companies (OMCs), petrol price is expected to increase by Rs7, while diesel price is likely to increase up to Rs9 per litre.
However, fluctuations in imported oil prices during the next five days will determine the final price.
The PTI-led government had made a massive price hike in petroleum products – per litre cost of petrol by Rs10.49 and high-speed diesel by Rs12.44 – on October 16.
The increase in POL products was notified a day after the government hiked power tariff by Rs1.39 per unit which would come into effect from next month.
According to a notification issued by the Ministry of Finance, the price of kerosene oil had been increased by Rs10.95 per litre while light speed diesel had got costlier by Rs8.84 per litre.
In the current scenario, the ministry had said, the government has absorbed the pressure and provided maximum relief to consumers by keeping petroleum levy and sales tax to a minimum. Therefore, prices worked out by OGRA had been approved.
