KARACHI
The price of petrol is expected to reach Rs150 per litre amid a hike in the rates of crude oil in the international market.
Global crude oil prices have been rising since the start of the new year, reaching a two-month high. The US West Texas Intermediate (WTI) has been up by 9.48 percent while Brent, the international benchmark for two-thirds of the world’s oil, prices have increased 8.63 percent since January 01.
Similarly, the prices for Opec Basket surged 13.63 percent, Arab Light increased by 8.31 and Russian Sokol jumped 10.86 percent during this new year.
The government is expected to move up the price of petroleum products by Rs6 per litre, the reports said, adding that the rate of petrol would rise by Rs5 per litre and diesel by Rs6 per litre.
The Ministry of Finance will take a final decision after consultations with Prime Minister Imran Khan. The new prices will be effective from January 16.
Earlier, the federal government, on the eve of the New Year, had announced yet another hike in the prices of petroleum products. The price of petrol and high-speed diesel (HSD) had been increased by Rs4 per litre for the first 15 days of January 2022. The price of kerosene had been increased by Rs3.95, and light diesel oil (LDO) by Rs4.15 per litre.
