The federal government is set to raise petroleum prices for the second half of January 2025, with an anticipated increase of Rs3.5 per litre for both petrol and diesel. The new prices are expected to take effect from January 16.
Sources revealed that the Oil and Gas Regulatory Authority (OGRA) has submitted a summary to the Ministry of Finance recommending the price hike. This adjustment comes in response to rising global oil prices, which have been influenced by U.S. sanctions on Russian oil supplies.
Internationally, oil prices rebounded on Wednesday, partially recovering losses from the previous day. Brent crude futures rose by 51 cents, or 0.6%, to $80.43 a barrel by 0735 GMT, as the market’s focus shifted to potential supply disruptions due to sanctions on Russian tankers. However, the gains remained limited as traders awaited more clarity on the broader impact of these sanctions.
