ISLAMABAD In the upcoming fortnightly review on January 31, The News reported on Thursday, the caretaker government is expected to raise the prices of gasoline and high-speed diesel (HSD) after consecutive decreases in fuel prices.
Industry officials stated on Wednesday that the anticipated increase in fuel prices is the result of a spike in global oil prices amid intensifying tensions in the Middle East.
On January 31, 2024, the government is expected to increase the price of gasoline and diesel by Rs7 per litre each, an official informed The News. The government sets the cost of petroleum products every 15 days based on the recommendations of the Oil and Gas Regulatory Authority.
After domestic prices stayed the same, there would be an anticipated increase in petroleum product prices.
An official in the oil industry stated, “The situation is most likely to be different this time after petroleum prices saw some reduction in the last three months.” He also noted that worldwide petroleum product prices increased in the last week following a crisis in the Middle East, particularly the Houthi attacks on ships in the Red Sea, which led to the US and UK’s strike against them in Yemen.
According to them, the anticipated increase in local costs is dependent on the fluctuations in the worldwide prices of gasoline, crude oil, and HSD, which have increased by four to five dollars in the past week.
Crude oil now costs $80 per barrel internationally, up from $76 per barrel previously.
According to officials, the increase in worldwide prices by $4 to $5 a barrel has resulted in higher market pricing.
They claimed that if the dollar had not been stable in the local market, there would have been even more upward price movement.
They went on to say that there was considerable resistance to these products’ international prices, and it is anticipated that these rates may hold for the next few days.
