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In line with the rising cost of petroleum products in the international market, the government is reportedly gearing up to increase petrol prices, for the third consecutive session, as part of the bi-monthly revision of petroleum products' rates.
The price of petrol in Pakistan is expected to be jacked up by Rs1.24 per litre effective from February 1 (tomorrow), according to The News.
Similar to the petrol price, the publication reported that the rate of diesel might as well register an increase of Rs4.49 per litre.
Sources familiar with the matter said the persisting upward trend in the prices of petroleum, oil, and lubricants (POL) is triggered by shipping hurdles in the Red Sea and through the Suez Canal, causing POL prices in Africa and the US to rise.
If the expected hike of Rs1.24 takes place, the new price of petrol in Pakistan will settle down at Rs257.37 per litre, as the current price of petrol is Rs256.13 per litre.
In the same manner, the new price of diesel in Pakistan will stand at Rs265.44 per litre after registering an increase of Rs4.49. The rates of kerosene oil and LDO are also expected to surge by Rs5.93 and Rs5.05, respectively, per litre.