Petrol may go up by Rs1, diesel Rs4/ltr

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) is likely to increase petrol price by Rs1/liter and diesel by Rs4/liter from December 1, 2011, Geo News reported.

OGRA officials told Geo News that international crude oil prices have shot up to $112 form $109 per barrel, therefore new imports would be sourced at a higher cost.

Moreover diesel has also registered a 7 percent hike in the global market.

Owing to the bullish overseas oil prices government was bound to raise local prices, the officials said.