The federal government of Pakistan is gearing up to raise the prices of petroleum products following the recent hike in power tariffs.
According to sources, preparations have been completed to implement the price increases starting from February 29.
It is anticipated that the price of petrol will rise by Rs4.50 per liter, while diesel may see an increase of Rs2.50.
Additionally, the price of Kerosene oil could go up by Rs2.92 per liter, while light diesel oil prices are expected to remain unchanged.
The current price of crude oil in the Brent oil market stands at $82.52 per barrel.
The Oil and Gas Regulatory Authority (OGRA) is set to submit a summary of the proposed price hike to the Ministry of Petroleum on February 29. The Finance Minister will announce the new prices after consultation with the Prime Minister, and these adjustments will be effective from March 1 to 15.