Prices of petroleum products in Pakistan likely to increase from October 16

Petrol price is likely to increase by Rs 7 per litre and high-speed diesel (HSD) by Rs 10 per litre from October 16 in Pakistan, local media reported on Monday.

"We have worked out the huge increase in the price of both the products keeping in view the first 10 days data showing that the prices of the refined products have gone up from USD 79 to USD 91 per barrel from October 1," The News International reported citing sources in the industrial sector.

According to the Pakistani publication, the Imran Khan government has so far in the last two fortnights passed the hike in petrol price by Rs 9 per litre and high-speed diesel by Rs 7.01 per litre on to the consumers from September 16. It increased the MS price by Rs 5 per litre to Rs 123.30 per litre and HSD by Rs 5.01 per litre to Rs 120.04.

It also raised from October 1, the motor gasoline price by Rs 4 per litre to Rs 127.30 per litre and HSD by Rs 2 to Rs 122.05 per litre. And if the government increases further the petroleum products (POL) prices from October 16 as has been worked out, it would be the third hike in POL prices in a row, said the publication.

The government fixes the POL products prices on a fortnightly basis based on the recommendation of Oil and Gas Regulatory Authority (OGRA).

The industrial sources said that in Pakistan, one of the reasons for the hile in prices is the perpetual devaluation of the Pak Rupee against the US dollar is causing the surge in POL products in the country, The News International reported.

Citing the West Texas Intermediate, The News International reported that the crude futures topped USD 80 the last Friday for the first time since 2014. Oil went up more than 60 per cent for 2021 as demand rebounds, while supply remains tight. The industrial experts say unless the OPEC acts to meaningfully increase the supplies, the prices will stay higher still.

( With inputs from ANI )

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