Petrol price may go up by Rs7 per litre from Nov 1

KARACHI: In view of the continuous depreciation of the Pakistani rupee and soaring oil prices, petrol is likely to become more expensive from November 1. According to sources in the oil marketing companies (OMCs), petrol price is expected to increase by Rs7 from November 1.

Meanwhile, diesel price is likely to increase up to Rs9 per litre, industry sources added. However, they added that fluctuations in imported oil prices during the next five days will determine the final price.

It is pertinent to mention here that the PTI-led government had announced a massive price hike in petroleum products, increasing the per litre cost of petrol by Rs10.49 and high-speed diesel by Rs12.44 for the next fortnight 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. It added that entire energy chain prices have witnessed a strong surge in the past couple of months due to higher demand for energy spots and supply bottlenecks.

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.