Petrol, diesel prices expected to rise from March 1

Petrol and diesel prices in Pakistan are expected to increase from March 1 amid a rise in global oil prices.

Citing officials familiar with the pricing calculations, media reports said that the price of petrol is likely to go up by Rs5.13 per litre, taking the new price to around Rs263.30 per litre. High-speed diesel is also expected to see an increase of Rs6.80 per litre, which would push its price to Rs282.50 per litre.

The anticipated hike follows an upward trend in international oil markets. Experts say the price of crude has risen by 2.7 per cent globally, along with a slight increase in product spreads, contributing to the expected adjustment in local fuel prices.

The Oil and Gas Regulatory Authority (Ogra) will finalise its pricing calculations and forward its recommendations to the Petroleum Division. A final decision on revising the prices will be taken after approval from the prime minister.

If approved by the Petroleum Division, the revised prices will take effect from March 1 and will remain in place for the next 15 days.

In the previous fortnightly review, the federal government had set the price of diesel at Rs275.70 per litre and petrol at Rs258.17 per litre.