Fuel prices expected to rise for next 15 days

Petrol and diesel prices in Pakistan are expected to increase by up to Rs6.60 per litre for the next 15 days, following a continued upward trend in global crude oil prices, according to industry sources.

At the time of reporting, the proposed hike includes a Rs6.60 per litre increase in petrol and a Rs5.27 per litre rise in high-speed diesel (HSD).

Conversely, the prices of kerosene and light diesel may see reductions of Rs3.74 and Rs2.23 per litre, respectively.

The Oil and Gas Regulatory Authority (OGRA) has completed its work based on the latest global market trends, and a final summary will be submitted to the government by tomorrow.

The oil industry has already shared its calculations with the regulator.

Sources confirmed that the final decision on price adjustments will be made following Prime Minister Shehbaz Sharif's approval of OGRA’s summary.

The proposed changes would come into effect for the next fortnight as part of the government’s regular price review mechanism for petroleum products.

Read: Fuel price hike burns a hole in public pockets

On July 1, the federal government increased petrol and diesel prices significantly for the first fortnight of the month, attributing the hike to global market volatility amid the 12-day Iran-Israel conflict.

Petrol rose by Rs8.36 to Rs266.79 per litre, and high-speed diesel by Rs10.39 to Rs272.98, based on OGRA’s recommendation.

Pakistan, which imports around 85% of its petroleum needs, was directly impacted by the Middle East crisis.