According to sources in the Ministry of Petroleum and Natural Resources, oil prices in the Persian Gulf are continuously increasing due to looming tension between United States and Iran.

Sources further added that value of Rupee (PKR) against American Dollar is also declining and in January it declined by 1.2 percent, depreciation in Pakistani currency has made oil imports expensive hence local increase in oil prices is inevitable.

As per plan, price of High Octane would be increased by Rs 6.45 per litre, Motor Sprit (MS) by Rs 5.75 per litre, Light Speed Diesel (LDO) by Rs 3.87 per litre, High Speed Diesel by Rs 3.13 per litre and kerosene oil by Rs 3 per litre.

Currently important petroleum products are being sold at following rates: HOBC at Rs 111.91 per litre, premium Rs 89.54 per litre, HDO Rs 99.82 per litre, LDO Rs 86.78 per litre and kerosene at Rs 89.42 per litre.

After expected increase, HOBC would be available at Rs 118.36 per litre, premium at Rs 95.29 per litre, LDO at Rs 90.65, HDO at Rs 102.15 per litre and Kerosene at Rs 92.42 per litre. Final decision would be taken on January 27 after determining inland freight equalization margin.