Petroleum prices likely to go up again: report

Petroleum prices: Oil prices in Pakistan are likely to go up by up to Rs10 a litre from October 16, a media report said.

The Petroleum prices of refined products have gone up from $79 to $91 per barrel from October 1, sources were quoted by The News as saying.

It remains to be seen how much subsidy the government picks this time to pass a reasonable increase in petrol and diesel prices against the expected huge hike.

So far, the government, in the last two fortnights, has approved an increase in Petroleum prices of Rs9 per litre and high speed diesel of Rs7.01 per litre from September 16.

It increased the MS price by Rs5 per litre to Rs123.30 per litre and HSD by Rs5.01 per litre to Rs 120.04. From October 1, the government also approved a hike in petrol prices by Rs4 per litre to Rs127.30 per litre and in HSD by Rs2 to Rs122.05 per litre.

This would be the third consecutive hike in POL prices if the government further increases the POL prices from October 16 as has been worked out.

The Petroleum prices of POL products are fixed by the government fortnightly on the basis of recommendations by the Oil and Gas Regulatory Authority (Ogra). The perpetual devaluation of the Pakistani rupee against the US dollar is also causing the surge in POL products in the country.