Petrol, diesel price expected to increase by up to Rs10 per litre

The federal government is expected to increase the prices of petroleum products from October 16 for the next fortnight, sources said on Saturday.

According to sources, the price of petrol and high-speed diesel (HSD) are estimated to become costlier by Rs3-4 and Rs10 per litre, respectively.

The expected hike is attributed to the increase in demand and hoarding of the commodity in the country.

"It is mainly hoarding by oil marketing companies (OMCs) and dealers aiming to maximise profits before the expected price hike," Geo News reported quoting the industry experts.

"We are selling more HSD than usual, but we're unsure if this is due to hoarding by oil marketing companies or dealers ahead of the price increase," the official said.

Currently, petrol is being sold at Rs247.03 per litre and HSD at Rs246.29 per litre after a reduction of Rs2.07 and Rs34, respectively, on September 30.

The expected hike will put more burden on the masses, who are already grappling with inflation.

However, the final decision will be announced by the Ministry of Finance on October 15 after consulting with Prime Minister Shehbaz Sharif.