The report, published by The News, claimed that international oil prices could be raised due to the rising price of oil in the international market due to the conflict in the Middle East.

It added that the price of petrol and diesel could be raised by Rs7 per litre from February 1, just a week before elections are scheduled to take place.

The price of petrol currently stands at RsRs259.34 while the price of diesel is fixed at Rs276.21. A decrease of Rs7 would take these prices to Rs252.43 and Rs269.21 respectively.

Prices of petroleum products are revised every forthnight in Pakistan, with the next announcement due on January 31.

The prices have been on the decline in Pakistan in recent months, with petrol price being slashed by Rs8 on Jnauary 15.

The prices had reached their peak in September with petrol rate being fixed at RsRs.331.38 per litre. However, the prices have slowly came down since October.

Similarly, the price of high speed diesl had also reached a peak of Rs329 per litre in September but has steadily declined.

In the international market, the price of petrol has risen by $6 to reach $89 per barrel in a single week. Meanwhile the price of diesel has gone from $93 to $97-98 per barrel.

Most of Pakistan’s oil is imported which means that international prices as well as the exchange rate of the rupee against the dollar are key factors that determine the price of petroleum products in Pakistan.