The federal government may increase the prices of domestic petroleum products by Rs1 to Rs2.50 as the crude oil prices in global market hiked by more than $2 per barrel during the outgoing week. Both benchmarks for oil trends, the US and British crude oil commonly known as Nymek and Brent shot up to $53.90 and $60.44 per barrel respectively.
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The government may announce a hike in petroleum products prices from November 1, 2017. According to oil experts, the sharp increase in the crude oil prices may impel the government to consider an upward revision in the domestic petroleum product prices. The Oil and Gas Regulatory Authority (OGRA) would prepare the summary of oil products on October 30 which would be sent to the ministry of petroleum and ministry of finance, analysts said.
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However, as per the price trend, there is a likelihood that the price of high-speed diesel and motor gasoline might go up in the range of Rs 1 to Rs 2.50 but it all depends on the summary to be sent by OGRA and approval from the ministries, the analysts opined. The current motor gasoline price stood around Rs 73.50 per litre, high-speed diesel Rs 79.40 per litre, kerosene oil Rs 48 per litre and light diesel Rs 46 per litre.