Pakistan is likely to witness a sharp increase in petroleum product prices from February 1, as the Oil and Gas Regulatory Authority (OGRA) has finalized its working on revised rates and is set to submit a summary to the Petroleum Division.

Sources said the price of high-speed diesel may rise by Rs. 9.47 per litre, while light diesel oil is expected to go up by Rs. 6.95 per litre. Kerosene oil prices are also likely to increase by Rs. 3.69 per litre.

In contrast, petrol may provide marginal relief to consumers, as its price is projected to fall by Rs. 0.36 per litre or remain unchanged.

Officials noted that the proposed adjustments are based on movements in international oil prices and exchange rate fluctuations. The final decision will be made after consultations with Prime Minister Shehbaz Sharif.

The Petroleum Division is scheduled to issue a notification on January 31, after which the new prices will take effect from February 1.

Fuel price revisions continue to have a broad impact on inflation and transport costs across the country, with diesel hikes in particular pushing up freight charges and food prices.