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ISLAMABAD: The government is all set to increase the rates of petroleum products by up to Rs 8 from November 1, well-placed sources told Geo News Saturday.
According to the sources, the government may increase petrol prices by up to Rs6.5 per litre for the next 15 days, while the rates of diesel may go up by Rs8.
However, the ministry of finance will take the final decision about the fuel prices after consultation with Prime Minister Imran Khan, said the sources.
The fluctuation in the POL prices in the country depend on GST and the oil’s prices in the international market, the sources added.
Keeping in view the rise in oil price in the world market and the dollar’s value till October 26, the government will set new rates of the petroleum products, the sources added.
Currently, the government is charging Rs5.62 per litre levy on petrol and Rs5.14 on diesel, the sources added.
PTI govt drops petrol bomb on masses
Earlier on October 16, the PTI-led government had announced a massive price hike in petroleum products, increasing the per litre cost of petrol by Rs10.49 and high-speed diesel by Rs12.44 for the next fortnight.
The increase in POL products had been notified a day after the government hiked power tariff by Rs1.39 per unit which would come into effect from next month.
According to a notification issued by the Ministry of Finance, the price of kerosene oil had been increased by Rs10.95 per litre while light speed diesel has got costlier by Rs8.84 per litre.
“At present, oil prices have risen around $85 a barrel (Global Benchmark Brent) highest since October 2018,” read the finance ministry notification.