The caretaker administration is poised to raise petrol prices in February 2024, citing a surge in global oil rates. Local media reports indicate an expected increase of Rs7.85 per litre for petrol, while high-speed diesel (HSD) is likely to see a Rs2 hike, factoring in exchange rate adjustments over the next two weeks.
The projected rise in petrol prices is based on an exchange adjustment of Rs2.75 per litre for petrol and Rs4.50 per liter for HSD, as per the reports. Additionally, there will be a marginal increase in the prices of kerosene oil (kero) and light diesel oil (LDO).
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This anticipated hike in petrol prices is noteworthy as it would mark the first increase in petroleum product prices since November 2023, causing confusion among the masses, especially considering its timing just ahead of the general elections.
The Oil and Gas Regulatory Authority is yet to finalize the recommended fuel prices, with the decision expected on January 31, 2024. Reports suggest that the caretaker government is contemplating the petrol price increase, and this move is being associated with the uptick in global market prices due to regional tensions and the Gaza war.
Amidst regional tensions, the international market witnessed a surge in oil prices, with crude climbing from $76 to $80 per barrel.
