Govt likely to raise petrol, diesel prices tonight

• New price of diesel is likely to be at Rs265.44 per litre.
• Price of kerosene oil expected to increase by Rs5.93 per litre.
• Hike in petrol price by Rs1.24 per litre estimated, say sources.

ISLAMABAD: The government is expected to raise the price of petrol by Rs1.24 per litre and diesel by Rs4.49 per litre from tonight for the next two weeks, primarily, because of a spike in the price of petroleum products in the global market.

POL products in the international market experienced a hint of boost in the prices, as disruptions to shipping in the Red Sea and through the Suez Canal are pushing up the prices of US and African crude grades, The News reported.

Industrial and official sources say that a hike in petrol price by Rs1.24 per litre has been estimated and Mogas will settle down at the new price of Rs257.37 per litre. The existing price of petrol stands at Rs256.13 per litre.

Similarly, the new price of diesel is likely to be at Rs265.44 per litre with the increase of Rs4.49 per litre. The price of kerosene oil is expected to increase by Rs5.93 per litre and LDO by Rs5.05 per litre.

Through a notification on January 15, the federal government had increased the price of petrol by Rs3.47 per litre till January 31.

According to the Finance Division notification, the per litre price of high-speed diesel (HSD) had been increased from Rs258.34 to Rs260.95 after an increase of Rs2.61.