The price of petrol is reportedly likely to go up on 1 December 2020, and the Oil and Gas Regulatory Authority (OGRA) has notified the Petroleum Division of the petroleum products price fluctuations in the next 15 days.
As per media reports, the prices of petrol and High-Speed Diesel (HSD) are expected to increase on 1 December due to the rising trend in the prices of crude oil in the global market since mid-November.
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Furthermore, the petrol price is reportedly likely to increase by Rs. 2.50 per liter while the price of HSD is presumed to go up by Rs. 3.3 per liter.
Reports also suggest that amidst the recent development, the federal government is capable of maintaining the prices of petrol and HSD by reducing the petroleum levy. The per liter petroleum levy being charged by the government on petrol and HSD is currently Rs. 30.30. The final decision on the prices of petroleum products will be made by the Ministry of Finance in consultation with the Prime Minister.
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Earlier, the government had reduced the price of petrol by Rs. 1. 71 per liter and high-speed diesel by Rs 1.79 per liter. However, reports state that the impending rise in the prices of petroleum products has been necessitated by the fluctuations in the international prices of petroleum products.
