Petroleum prices are expected to increase by up to Rs7 per litre starting March 1. The oil industry has submitted a working paper on the proposed hike to the Oil and Gas Regulatory Authority (OGRA).
According to sources, the proposed rise could affect petrol, diesel, kerosene, and light diesel in the next fortnight. Petrol may see an increase of Rs4.58 per litre, while high-speed diesel could go up by Rs4.73 per litre. Kerosene oil may rise by Rs7 per litre, and light diesel by Rs5 per litre.
OGRA will forward the working paper to the government on Friday. The government will then finalize the petroleum prices based on revenue targets and overall economic considerations.
Experts say that changes in taxes or levies could further influence petroleum prices. An increase in taxes could push prices higher, while a reduction could limit the rise or keep prices stable.
The proposed hike comes amid rising global oil costs. Any increase in petroleum prices will directly impact transportation costs and commodity prices across the country. Even a small per-litre rise can affect logistics, public transport, and daily household expenses.
Consumers are advised to stay updated on official announcements from OGRA and the government. Final petroleum prices will be announced after review and approval.
Industry analysts believe that the adjustment in prices will help maintain revenue targets and ensure a stable fuel supply. Authorities emphasize that the decision is part of routine price reviews and not an arbitrary increase.
Citizens are encouraged to plan fuel usage carefully once the new rates come into effect. Transport businesses, delivery services, and households should anticipate the potential impact on budgets and expenses.
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The final decision on petroleum prices is expected soon, and pumps across the country will adjust rates accordingly after the government announcement.
