In the wake of rise in oil prices in global market, the government on Wednesday is planning to revise up the petroleum prices in Pakistan. The Oil and Gas Regulatory Authority (Ogra) is planning another hike in petrol and diesel prices for the second half of February 2024. Prices of high-speed diesel (HSD) and light diesel are likely to go up by 5 to 8 rupees for the next fortnight, while petrol price is expected to remain same from Feb 16, 2024. Earlier, global oil prices settled higher on Tuesday as geopolitical tensions continued in the Middle East and eastern Europe, but gains were curtailed as investors reined in expectations for the US Federal Reserve interest rate cuts. Brent futures settled 77 cents higher or 0.94% at $82.77 a barrel while US West Texas Intermediate (WTI) crude settled 95 cents higher, or 1.24%, at $77.87 a barrel.

Credit: Independent News Pakistan (INP)