According to sources, if approved, petrol prices will reach Rs. 250.96 per liter, while high-speed diesel will cost Rs. 261.05 per liter.
Sources revealed that the proposed hike is attributed to the high premium on petroleum products in the global market and increased import costs.
The premium on imported petroleum products has risen, prompting the government to consider price adjustments from November 16, sources added.
On October 31, the federal government announced petroleum product prices for the next fortnight, hiking petrol and high-speed diesel prices.
According to a notification issued here, the petrol price was hiked by Rs 1.35 to Rs 248.38 per liter. The price of high-speed diesel was fixed at Rs 255.14 per liter after an increase of Rs 3.85.
Pakistan’s weekly inflation jumps to 15.02pc
Meanwhile, the prices of light diesel and Kerosene oil decreased. According to the notification, Kerosene oil was available at Rs 148.5 per liter after a drop of Rs 4.92.
The price of light diesel was decreased by Rs 2.61 to Rs. 147.51 per liter.
The rampant hike in the prices came at the time when the weekly inflation, measured by the Sensitive Price Indicator (SPI), witnessed an increase of 0.28 percent for the combined consumption groups during the week ended on October 17, the Pakistan Bureau of Statistics (PBS) reported.
According to the PBS data, the SPI for the week under review in the above-mentioned group was recorded at 319.79 points as compared to 318.91 points during the past week.
As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed an increase of 15.02 percent.
The weekly SPI with the base year 2015-16 =100 covers 17 urban centers and 51 essential items for all expenditure groups.
Likewise, SPI for the lowest consumption group of up to Rs 17,732 witnessed an increase of 0.27 percent and went up to 313.74 points from last week’s 312.91 points.
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