Following a recent increase in the price of crude oil on the international market, petrol prices are projected to hike by Rs. 8.5 per liter in the near future.
In accordance with industry sources, when the price of oil rises on the worldwide market, it is expected that the price of petroleum products will rise as well.
It is estimated that petroleum prices will climb by up to Rs. 13 per liter, while high-speed diesel costs will increase Rs. 5.5 per liter, according to the estimate.
This is based on early calculations conducted by the Oil and Gas Regulatory Authority (OGRA), which indicate that prices will only rise by a small amount. This summary will then be handed to the Ministry of Finance, which will then bring it to the Prime Minister for a final decision following the calculation of the revenue impact, according to reliable sources.
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It should be remembered that the prime had already decided to postpone an Rs. 9 per liter increase in petrol prices on 1 February 2022.
As a result of the present Russia-Ukraine conflicts, Brent oil prices have risen to levels not seen in seven years. Brent Oil’s price on the international market has exploded to $ 95.6 per barrel as of 14 February 2022, and given the price’s consistent upward trend over the previous several months, it is expected to continue to rise in the coming months as well.