Business
Petrol prices expected to rise from Feb 1
It is to be noted that the international companies have increased their premium on motor spirit and high-speed diesel has increased substantially.
Islamabad: The caretaker government may increase the price of petrol from February 1. They may hike petrol prices by Rs7.85 per liter and high-speed diesel by Rs2.06 per liter in its final adjustment of Pakistan Oilfield Limited (POL) prices from October 1.
According to the details, the rise in prices in first 15 days of February is mainly attributed to intense situation in the Middle East due to Israel's ongoing attacks on Palestinians in Gaza and Houthi attacks on commercial ships.
Therefore, international markets have reacted strongly to the attacks on the ships, which has led to a rise in prices. The price of motor petrol has increased to $6 per barrel and diesel to $3.7 from January 16, 2024.
It is to be noted that the international companies have increased their premium on motor spirit and high-speed diesel has increased substantially.