According to sources, it is estimated that the price of the ex-depot petrol will increase by Rs2-3 per litre and Kerosene, and diesel prices are expected to go up by Rs6 per litre.

In the international market, the average prices of HSD went up by more than $2.50 per barrel and petrol price rose by about 50 cents per barrel last fortnight, sources said.

The Oil and Gas Regulatory Authority (Ogra) will present a summary to the relevant ministry, suggesting adjustments in line with international oil price trends and fluctuations in exchange rate.

A final decision will be made after discussions between Finance Minister Muhammad Aurangzeb and Prime Minister Shehbaz Sharif. The official announcement is expected on January 31.

The fluctuation in price of petrol leaves direct impacts on the lives of ordinary citizens as the fuel is used in small vehicles, rickshaws, two-wheelers and private transport.

Most of the heavy public transport relies on HSD. It is also used in various engines across the variety of sectors including, trains and agricultural engines like tractors, tube wells, threshers, trucks, and buses. Its price is considered inflationary, causing a rise in the prices of vegetables and other eatables.

It is worth noting that currently, despite the zero general sales tax (GST) on all petroleum products, the government is charging about Rs76 per litre tax on petrol and HSD.