Rising crude oil price in a week in global markets might prompt Pakistani government to increase prices of domestic petroleum products by Rs 1 to 2.50 per liter from November 1. The crude oil price during the outgoing week has increased by more than USD 2 per barrel on the expectation that Opec might consider cutting the oil supplies. Both benchmark for oil trends, the US and British crude oil commonly known as Nymek and Brent shot up to USD53.90 and USD60.44 per barrel respectively.
Following the sharp increase in the crude oil price, according to oil experts, the government might consider some upward revision in the domestic petroleum products. The Oil and Gas Regulatory Authority would prepare the summary of oil products on October 30 which would be sent to Ministry of Petroleum and Ministry of Finance.
However, as per the price trend, it is highly likely that the price of high speed diesel and motor gasoline might go up to Rs 1 to 2.50 but it all depend on the summary to be sent by OGRA and approval from the ministries. The current motor gasoline price stand around Rs 73.50 per liter, High speed diesel Rs 79.40 per liter, kerosene oil Rs 48 per liter and light diesel Rs 46 per liter.
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