Days after announcing a massive hike in petroleum prices, the government may once again increase fuel prices by up to Rs8 from November 1, well-informed sources told Geo News Saturday.
On October 16, the government had increased the per litre cost of petrol by Rs10.49 and high-speed diesel by Rs12.44 for the next fortnight.
According to sources, the government may increase petrol prices by up to Rs6.5 per litre for the next 15 days, while the rates of diesel may go up by Rs8.
The Ministry of Finance will take a final decision about fuel prices after consultation with Prime Minister Imran Khan, said the sources.
If a decision is taken in line with recommendations, it will take the official price of petrol to Rs144.29 per litre. The price to end consumers may be slightly higher to account for freight charges.
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Fluctuations in POL prices in the country depend on adjustments to taxes, fluctuations in oil prices in the international market and the rupee/dollar exchange rate.
Keeping in view the rise in oil prices in the world market and the dollar’s value till October 26, the government ought to set new rates for petroleum products, the sources added.
Currently, the government is charging Rs5.62 per litre as a levy on petrol and Rs5.14 on diesel, the sources added.