Fuel prices may increase by Rs 2

KARACHI: The government may increase the costs of oil based goods by Rs1 to Rs2.50 as the raw petroleum costs in worldwide market climbed by more than $2 per barrel amid the active week.

The two benchmarks for oil drifts, the US and British unrefined petroleum normally known as Nymek and Brent shot up to $53.90 and $60.44 per barrel separately. The government may report increase in oil based goods costs from November 1, 2017.

As indicated by oil specialists, the sharp increment in the raw petroleum costs may actuate the government to consider an upward correction in the local oil based good costs. The Oil and Gas Regulatory Authority (OGRA) would set up the synopsis of oil items on October 30 which would be sent to the service of oil and service of fund, examiners said.

In any case, according to the value drift, there is a probability that the cost of rapid diesel and engine fuel may go up in the scope of Rs 1 to Rs 2.50 yet everything relies upon the outline to be sent by OGRA and endorsement from the services, the experts opined.