Petrol price may go up by Rs5.50/ltr

KARACHI: The price of petrol is likely to hike by Rs5.50 per litre, whereas diesel could go cheaper by Rs1.25/litre by the end of this week, Geo News reported.

A jump in international oil market, which rose by $2 per barrel from $113 to $115 lately, has been imputed to this probable hike in local petroleum products prices.

According to sources, the new prices would be notified by September 17.

Sources added that High Octane Blending Content (HOBC) could be made dearer by Rs1.5-2 and kerosene oil by Rs0.40.

Excluding diesel, the market of which is a little slow, almost all the petroleum products are trending upwards in the world markets.

The rates of compressed natural gas (CNG) are also expected to spike, the sources said further.

Oil & Gas Regulatory Authority (OGRA) is all set to dispatch a summary to the ministry of petroleum in this regard.