There is a strong possibility of changes in petroleum prices in Pakistan from February 1, with some fuels expected to become more expensive while petrol may see a slight decrease.
The Oil and Gas Regulatory Authority (OGRA) has prepared a summary regarding the proposed price revision, which will be sent to the Finance Minister on January 31.
According to media reports, global oil market uncertainty is the main reason behind the expected adjustment in fuel prices.
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Fluctuations in international crude oil rates and exchange rate pressures have influenced the new pricing proposals for the upcoming fortnight in February.
Reports suggested that after receiving OGRA’s summary, the Finance Minister will review the proposed prices and forward them to Prime Minister Shehbaz Sharif for final approval.
Once approved, the new petroleum prices will be officially announced and implemented from February 1 to February 15.
Petrol prices in Pakistan
A detailed summary of the revised prices is also expected to be shared with the Petroleum Division.
The proposed changes indicate a significant increase in diesel prices. High-speed diesel (HSD) is likely to become more expensive by Rs 9.47 per litre. Light diesel oil (LDO) may also see an increase of Rs 6.95 per litre.
Similarly, the price of kerosene oil is expected to rise by Rs 3.69 per litre, which could affect households that rely on kerosene for heating and lighting, especially in colder regions.
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However, there is some relief for petrol users. Sources suggest that the price of petrol may decrease slightly, with a possible reduction of up to 36 paisa per litre.
Although the decrease is small, it could still be seen as positive news for motorists who have been facing repeated fuel price hikes in recent months.
The official announcement expected on February 1 will determine whether the proposed increases and decrease are approved or revised.
