Due to the increase in prices in the global market, there is a possibility of an increase in the prices of petroleum products in Pakistan from January 16.
The oil industry has already submitted its proposals to the Oil and Gas Regulatory Authority (ORGA), highlighting the expected changes in fuel prices.
According to the submitted working papers, there is a possibility of an increase in the price of petrol by 1 rupee 50 paise. 3.50 per liter while the price of high-speed diesel is likely to increase by Rs. 2.50 paise. 3.70 per litre
Similarly, an increase of 1 rupee 50 paisa can be seen in the price of light diesel oil. 5 per litre, kerosene prices may increase by more than Rs 5. 6 per liter.
These changes reflect the ongoing fluctuations in international oil prices, which directly affect domestic prices.
The increase in the prices of petroleum products is a direct result of the increase in prices in the international market. As a result, the burden of these changes is expected to be passed on to the end user.
OGRA, which is responsible for controlling fuel prices in the country, is currently analyzing the proposed rates and will finalize its recommendations by January 15.
Prime Minister Shehbaz Sharif will take the final decision regarding the approval of the revised prices. After approval, the Finance Minister will issue an official notification outlining the new rates.
These changes will come into effect from January 16 and will remain in effect until January 31.
The expected increase in petroleum prices indicates the significant impact of global market trends on Pakistan’s domestic economy.
While Ogra and the government are working to harmonize prices to international standards, the decision is likely to spark debate over its impact on consumers and the wider economy.
