ISLAMABAD: Amidst a series of consecutive decreases in fuel prices, the interim government is set to announce an uptick in petrol and high-speed diesel rates in the upcoming bi-weekly review on January 31.
This anticipated increase in fuel prices is linked to a recent upswing in global oil rates, particularly in the Middle East, where tensions have heightened.
As per industry insiders, the government, in line with the recommendations of the Oil and Gas Regulatory Authority (OGRA), is expected to raise petrol and diesel prices by Rs7 per litre each.
This potential increase follows a period of stability and reduction in domestic fuel prices since November 1, 2023.
However, recent geopolitical events, particularly Houthi attacks in the Red Sea prompting US and UK interventions in Yemen, have contributed to a surge in global prices for high-speed diesel, petrol, and crude oil.
Over the past week, global petroleum product prices have increased by four to five dollars per barrel.
The international price of petrol has risen from $83 to $89 per barrel, HSD has climbed from $93 to $97-98 per barrel, and crude oil has gone up from $76 to $80 per barrel within a week.
Officials underscored that despite stable local currency values, global fluctuations in oil prices are likely to impact the domestic market.
While the current resistance in global prices may stabilize in the coming days, a substantial increase in local prices is anticipated due to the recent surge in international rates.
(Islamabad51_Newsdesk)
