Petrol, diesel prices likely to go up from June 16

Prices of petroleum product in Pakistan are likely to increase by up to Rs5 per litre, according to a draft proposal prepared by the federal authorities ahead of the upcoming fortnightly price revision.

Petrol is expected to rise by Rs1.12 per litre, while high-speed diesel may see a more substantial jump of Rs5.27 per litre. 

An increase of Rs4.13 per litre has also been proposed for kerosene. The revised prices would take effect from June 16.

The Ministry of Finance will finalise the new rates after consulting with Prime Minister Shehbaz Sharif. The pricing review is based on recommendations from the Oil and Gas Regulatory Authority (OGRA), taking into account global oil price trends and domestic tax adjustments.

Earlier on June 1, petrol prices were increased slightly by Re1 per litre, moving from Rs252.63 to Rs253.63, while high-speed diesel remained unchanged at Rs254.64 per litre.

In its previous announcement, the Ministry of Finance attributed the adjustments to international oil market fluctuations and exchange rate movements, emphasizing that OGRA's evaluations inform the regular fortnightly reviews.