LAHORE: The petroleum prices may witness a whooping increase in the upcoming fortnightly review for July 2025 amid upward trend in global market.
The local oil industry has completed its working keeping in view the international trend and sent it to the Oil and Gas Regulatory Authority (OGRA).
The petrol price is likely to increase by Rs6.60 per litre while high speed diesel is expected to see a hike of Rs5.27 per litre.
The price of kerosene oil and light speed diesel are likely to surge by Rs3.74 and Rs2.32 per litre, respectively.
The new prices of petroleum products will be announced after getting approval from Prime Minister Shehbaz Sharif.
Internationally, oil prices nudged higher on Monday, adding to gains of more than 2% from Friday, as investors eyed further U.S. sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.
Brent crude futures rose 21 cents, or 0.3%, to $70.57 a barrel by 0651 GMT, extending a 2.51% gain on Friday. U.S. West Texas Intermediate crude futures climbed 20 cents, 0.3%, to $68.65, after settling 2.82% higher in the previous session.
Last week, Brent rose 3%, while WTI had a weekly gain of around 2.2%, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
