ISLAMABAD – The caretaker government is likely to jack up the petrol and diesel prices in the next fortnightly review on January 31 for first half of February.

Reports said that the increase in petroleum prices is due to rising international rates amid escalation in the Middle East triggered by Houthi rebels’ attacks on cargo ships linked to the US and Israel.

The federal government revised the petroleum prices on fortnightly basis on the recommendation of the Oil and Gas Regulatory Authority (OGRA).

Expected Increase in Petrol and Diesel Price

The regulatory authority is expected to increase the price of petrol and diesel by Rs7 per liter each on Jan 31 after back-to-back relief to massive in previous months. The new prices will come into effect from Feb 1 till 15.

Expected New Petrol, Diesel Price in Pakistan

Currently, the per litre petrol price stands at Rs259.34 while the high speed diesel is being sold for Rs276.21 per litre in Pakistan.

If the government approves Rs7 per litre increase in price of both commodities, the new price of petrol will be Rs266.34 per litre and diesel’s Rs283.21 per litre.