Daily Times

KARACHI: Sources at oil marketing businesses said Thursday that the price of petrol is expected to hit an all-time high of Rs150 per litre, owing to a rise in crude oil prices on the international market.

According to sources, the government plans to raise the price of petroleum products by Rs6 per litre, with petrol rising by Rs5 per litre and diesel rising by Rs6 per litre.

The Ministry of Finance will make a final decision in this regard after consultations with Prime Minister Imran Khan and the new prices will be effective from January 16.

Previous increase

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.

The price of petrol increased from Rs140.82 per litre to Rs144.82 per litre following the rise, while the price of high-speed diesel increased from Rs137.62 per litre to Rs141.62 per litre.

Light diesel oil prices increased to Rs111.06 per litre from Rs107.06 per litre. Similarly, kerosene’s price increased from Rs109.53 to Rs113.53 per litre.

The increase was announced in order to satisfy the International Monetary Fund’s aim for the petroleum levy (IMF).