By Ali Imran
ISLAMABAD: In the upcoming biweekly review, an increase in petrol and High-Speed Diesel (HSD) rates is expected due to a global rise in crude oil prices.
Following five consecutive reductions, petroleum prices are likely to rise, primarily influenced by escalating international prices linked to the ongoing crisis in the Middle East.
During the past two weeks, petrol prices have surged by approximately $2.80 per barrel, while HSD prices have jumped by around $7 per barrel in the international markets.
The federal government is likely to raise petrol prices by Rs5 per litre and diesel prices by Rs13 per litre, in line with these international market trends, according to sources. The average international price of petrol has risen to nearly $79 per barrel, up from around $76 per barrel.
Meanwhile, HSD prices have increased from approximately $80.50 per barrel to about $87.50 per barrel during the same period.
The final price adjustments will be influenced by the exchange rate and prevailing tax rates.The news prices are expeced to be announced on eve of October 15 coming into effect the next day.
