The government is reportedly preparing for another significant increase in petroleum product prices, sources said on Tuesday.

The sources said that a Rs55 per litre increase in petrol and a Rs75 per litre hike in high-speed diesel prices are expected.

According to the sources, the Oil and Gas Regulatory Authority (OGRA) will submit its proposed revised rates to the Petroleum Division within the next two days.

Later, Prime Minister Shehbaz Sharif is expected to approve the price hike.

Officials indicated that, instead of implementing the full increase at once, the government may adopt a phased approach over two weeks.