Oil prices are expected to increase by up to Rs 2.34 per liter from November 1

• Petrol is likely to go up by Rs 1.48 per liter from November 1.
• Diesel will be hiked by Rs 1.38 per litre.
• Kerosene leads with an increase of Rs 2.34.

ISLAMABAD: Oil prices are expected to rise by as much as Rs 2.34 per liter from November 1 for the next fortnight due to fluctuations in global oil markets and the impact of recent US sanctions on major Russian producers. The News reported on Thursday.

Preliminary calculations for the first 12 days of the pricing cycle show that petrol may go up by Rs 1.48 per liter and high speed diesel (HSD) by Rs 1.38. Kerosene could see a bigger jump of Rs 2.34 per litre, while light diesel oil (LDO) may increase by Re 0.49.

If current trends are maintained, consumer prices from November 1 will be around Rs 264.50 per liter for petrol, Rs 276.80 for HSD, Rs 184.05 for kerosene and Rs 163.25 for LDO. Final figures will be set on the evening of October 31 after a review of the full fortnight’s import and exchange rate data.

In line with the fluctuations in the international fuel market, the federal government earlier this month reduced the price of petrol by Rs 5.66 per liter for a fortnight.

According to a release issued by the Finance Department, the price of petrol was Rs 263.02 per litre. The price of high speed diesel (HSD) was also reduced by Rs 1.39 to Rs 275.41 per litre.

Similarly, kerosene oil price fell by Rs 3.26 to Rs 181.71 per litre. The government had fixed the price of light diesel at Rs 162.76 per liter for the fortnight.

Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers. Higher fuel prices have a significant impact on the budgets of members of the middle and lower middle classes, who mainly use gasoline for their transportation.

On the other hand, a significant part of the transport sector relies on high-speed diesel.

Its price is considered inflationary as it is mainly used in heavy goods vehicles, trucks, buses, trains and agricultural machinery such as tractors, tube wells and threshers. The consumption of high-speed diesel is a major contributor to the increased prices of vegetables and other food items.