ISLAMABAD: Fuel prices are expected to be raised at midnight, based on information from sources within the Finance Ministry.

Deregulation of the pricing mechanism allows Pakistan State Oil to set prices for its products, with the exception of E-10, along with weekly revisions. While CNG is to remain at 60 per cent parity, it is yet to be ascertained whether its prices will also rise in line with PSO’s hike.

As per PSO’s calculations, the per litre price of petrol will increased by Rs7.77, High Speed Diesel by Rs5.94, High Octane Blending Component Rs8.18, Light Diesel Oil by Rs5.54 and kerosene oil by Rs5.86 per litre.

By implementing the hike, the government is stepping back from the recommendations of the Oil and Gas Regulatory Authority and the Petroleum Minsitry, suggesting sharing half the burden of the increase.

While the actual announcement will take place at midnight, the government is set to increase Petroleum, Oil, Lubricant (POL) prices on the pretext of a hike in international oil price.