Prices of petroleum products likely to rise sharply from November 1: Sources


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ISLAMABAD: Reliable sources told Geo News on Saturday that the government is fully prepared to increase the prices of petroleum products by up to Rs 8 from November 1.

According to sources, the government may increase the price of petrol by Rs 6.5 per liter for the next 15 days while the price of diesel may go up by Rs 8.

However, sources said that the final decision on fuel prices would be taken by the Finance Ministry after consultation with Prime Minister Imran Khan.

The sources added that fluctuations in POL prices in the country depend on GST and oil prices in the international market.

Sources said that the government will fix new prices for petroleum products in view of the rise in oil prices in the global market and the rise in the value of the dollar by October 26.

The sources further said that at present the government is levying Rs 5.62 per liter on petrol and Rs 5.14 per liter on diesel.

The PTI government dropped petrol bombs on the people.

Earlier on October 16, the PTI-led government had announced a massive hike in the prices of petroleum products, including Rs 10.49 per liter for the next fortnight and Rs 12.44 per liter for high speed diesel. Rs. Was added.

The increase in POL products was notified by the government a day after the increase in electricity rates by Rs 1.39 per unit with effect from next month.

According to the notification issued by the Finance Ministry, the price of kerosene has been increased by Rs 10.95 per liter while the price of light speed diesel has been increased by Rs 8.84 per liter.

“Currently, oil prices are at about ً 85 a barrel (Global Benchmark Brent), the highest since October 2018,” the Finance Ministry notification said.

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