Following a recent increase in crude oil prices in international market, petrol prices are expected to rise by Rs. 8.5 per litre.

According to sources, when the price of oil rises in international market, the price of petroleum products is projected to rise as well.

Petroleum prices are predicted to rise by up to Rs. 13 per litre, while high-speed diesel prices are expected to rise by Rs. 5.5 per litre.

These are the preliminary calculations developed by the Oil and Gas Regulatory Authority (OGRA), which indicate a minimal rise in prices. According to the sources, this summary will next be given to the Ministry of Finance, which will present it to the Prime Minister for a final decision after calculating the revenue impact.

It should be recalled that the premier earlier postponed a Rs. 9 per litre hike in petrol prices on 1 February 2022.

Brent oil prices have surpassed a seven-year high as a result of current Russia-Ukraine tensions. Brent Oil on the worldwide market has skyrocketed up to $ 95.6 per barrel as of 14 February 2022, and with its continuous rising tendency over the past few months, it is expected that the price may rise further.