The federal government may increase the petroleum prices by Rs 6.45 per liter from February 01, sources said on Monday.
Official privy to the development told this agency that prices of petrol is likely to increase by Rs 5.75 per liter, High Octane Oil (HOBC) Rs 6.45 per liter, High Speed Diesel Oil (HSDO) by Rs 3.13 per liter, Light Speed Diesel (LOD) Rs 3.87 per liter and prices of Kerosene oil is likely to increase by Rs 2.98 per liter.
Sources said that increase in petroleum prices is expected due to exchange of harsh statements between United States and Iran over state of Hormuz
Devaluation of rupee is another reason behind this increase as rupee has been decreased at 1.55 with US dollar, sources added.
In this regard, Ministry of Finance would give final approval of this price increase and to decide either to reduce the petroleum levy or not.
Experts believe that this increase on the first day of the next month would increase the prices of basic life commodities as transport prices would be increased after it.
Petroleum prices may increase by Rs 6.45
