ISLAMABAD: The fortnightly increase in prices of petroleum products was caused by upward fluctuation in the global oil market, said Spokesperson of the Finance Ministry on Tuesday.
During the last fortnight, the rates of petrol and high-speed diesel in the international market went up by $3.82 and $4.30 per barrel, the spokesperson said in a statement.
Oil and Gas Regulatory Authority (OGRA) had proposed to increase the price of petrol by 4.53 rupees and the price of high-speed diesel by 8.14 rupees, the statement said, adding the petroleum products prices depended on the price fluctuations in the international market and the exchange rate.
Uncertainty Causes POL Price Hike in International Market
The prices of petroleum products in the international market have also increased due to the uncertainty in the Middle East.
The spokesperson voiced hope that the end of the Middle East crisis would eventually bring relief in this regard.
