Rising crude oil price, this week, in global markets might prompt the Pakistani government to increase the domestic petroleum product price by Rs 1 to Rs 2.50 per liter from November 1, 2017.
The crude oil price during the outgoing week increased by more than 2 dollars per barrel on 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 53.90 dollar and 60.44 dollar 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 product. 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, there is likelihood that the price of high speed diesel and motor gasoline might go up in the range of Re 1 to Rs 2.50 but it all depend on the summary to be sent by OGRA and approval from the ministries.
The current motor gasoline price stood 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.