ISLAMABAD – Petrol price is expected to cross Rs150 per litre for the first time in the country’s history on the heels of soaring prices of crude oil in the international market.
Reports in local media suggest that prices of petroleum products (POL) are likely to go up by Rs13 per litre for the next fortnight as the Oil and Gas Regulatory Authority (OGRA) has started working on new prices.
Oil regulators will send the summary to the Ministry of Finance tomorrow (February 14). The surge is expected as the price of crude oil in the international market has soared to $91 per barrel and is likely to increase in the near future.
Cannot sustain artificially kept low petrol prices, Finance Minister says
Earlier this week, Finance czar Shaukat Tarin also hinted at the surge in petroleum prices saying the government cannot keep prices of petroleum products low artificially.
He also stressed that the global hike in rates will have to be passed onto the consumers at some point.
Earlier, Prime Minister Imran Khan rejected a summary proposing a hike in prices of petroleum products on January 31. The Oil and Gas Regulatory Authority (OGRA) asked the PTI led the government to increase the petrol price by Rs11 and diesel by Rs14 for the first 15 days of February.
