KARACHI: Sources at oil marketing businesses said on Thursday that the price of petrol is expected to hit an all-time high of Rs150 per litre, owing to a rise in crude oil prices on the international market.

According to sources, the government plans to raise the price of petroleum products by Rs6 per litre, with petrol rising by Rs5 per litre and diesel rising by Rs6 per litre.

After consultation with Prime Minister Imran Khan, the Ministry of Finance will make a final decision, and the new rates will take effect from January 16.

Earlier on the night of the New Year, the federal government announced increase in the price of petroleum products.

For the first 15 days of January 2022, the price of petrol and high-speed diesel  was raised by Rs4 per litre. The price of kerosene was raised by Rs3.95, and the price of light diesel oil was raised by Rs4.15 per litre.

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