Government Set to Raise Petrol and Diesel Prices Tonight Amid Global Surge

ISLAMABAD: The government is likely to increase the prices of petrol by Rs1.24 per litre and diesel by Rs4.49 per litre tonight for the upcoming two weeks. The anticipated hike is primarily due to a rise in global petroleum product prices, following disruptions to shipping in the Red Sea and the Suez Canal, which have driven up prices of US and African crude grades.

Industry sources indicate that the new price of petrol could reach Rs257.37 per litre, up from the current Rs256.13 per litre. Diesel prices are expected to rise to Rs265.44 per litre. In addition, the price of kerosene oil is anticipated to go up by Rs5.93 per litre, and light diesel oil (LDO) by Rs5.05 per litre.

This price hike follows a previous increase on January 15, when the government raised petrol prices by Rs3.47 per litre, with high-speed diesel prices also seeing a Rs2.61 per litre rise.