F.P. Report
ISLAMABAD: The caretaker government is likely to increase the prices of petrol and high-speed diesel (HSD) in the upcoming fortnightly review on January 31, on Monday.
The government adjusts fuel prices after every 15-day based on the recommendations of the Oil and Gas Regulatory Authority (OGRA).
Officials suggest that petrol prices could see an increase of Rs10 per litre and an increase of Rs7 in diesel price in the upcoming review. The expected hike follows a period of relative stability rather reduction in domestic fuel prices since November 01, 2023.
During two weeks, price of London Brent oil jumped to $83.35 per barrel from $78.29 per barrel. While American crude oil jumped from $73.25 to $78.40 per barrel. The announcement of hike in fuel prices is expected on 31 January, 2024.
Industry officials pointed out that global prices of petroleum products have increased in the last week due to events in the region, including Houthi attacks on ships in the Red Sea and subsequent strikes by the US and UK against them in Yemen.
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