ISLAMABAD: The government is set to increase the rates of petroleum products by up to Rs 8 from November 1, well-established sources told Geo News on Saturday.
According to sources, the government can increase the price of petrol by up to Rs 6.5 per liter for the next 15 days, while the price of diesel can increase by Rs 8.
However, the finance ministry will take a final call on the fuel prices after consulting Prime Minister Imran Khan.
Sources said the volatility in POL prices in the country depends on the GST and oil prices in the international market.
Sources said that keeping in view the rise in oil prices in the world market and the value of dollar by October 26, the government will fix new rates of petroleum products.
Sources said that the government is currently charging Rs 5.62 per liter on petrol and Rs 5.14 on diesel.
PTI government dropped petrol bombs on the public
Earlier on October 16, the PTI-led government had announced a steep price hike in petroleum products by increasing the per liter price of petrol by Rs 10.49 and high-speed diesel by Rs 12.44 for the next fortnight.
The hike in POL products was notified a day after the government hiked electricity rates by Rs 1.39 per unit which will be applicable from next month.
According to the notification issued by the Finance Ministry, the price of kerosene has been increased by Rs 10.95 per liter, while the price of light speed diesel has been increased to Rs 8.84 per liter.
“Currently, oil prices have touched the highest level of $85 per barrel (Global Benchmark Brent) since October 2018,” the Finance Ministry notification said.