The anticipated price hike is attributed to the rising global crude oil prices. Sources suggest a Rs3 increase for petrol and a potential Rs6 increase for high-speed diesel, based on a forthcoming bi-weekly review.

The Oil and Gas Regulatory Authority (OGRA) will submit a recommendation to the relevant ministry, factoring in international oil prices and exchange rate fluctuations. The final decision on the new prices will be made after consultation between Finance Minister Muhammad Aurangzeb and Prime Minister Sharif, with an official announcement expected on January 31. The new prices will be in effect for a fortnight, starting February 1.

This follows a previous price increase on January 16, where petrol prices rose by Rs3.47 per liter (to Rs256.13 per liter) and high-speed diesel increased by Rs2.61 per liter (reaching Rs260.95 per liter). The cumulative effect of these price increases will further strain the already burdened Pakistani population grappling with high inflation.