In response to the recent surge in global oil prices, the government is anticipated to raise petrol and diesel prices by Rs11 and Rs6 per litre, respectively, for the first half of February. 

The significant 11 per cent and 25 per cent increases in the premium on petrol and diesel contribute to the upward adjustment. 

Recent pricing estimates until January 26 reveal a 5 per cent rise in finished petroleum prices to $87.7 per barrel and a 1 per cent gain in finished diesel prices to $97.4 per barrel.

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Despite a slight appreciation of the local currency, which stands at a weighted average rate of around PKR 279.87 per USD since the last pricing decision, it remains insufficient to counterbalance the substantial international price hikes. 

It’s crucial to note that there are three more sessions before the next pricing update, and final prices will be contingent on global market movements and exchange rate fluctuations.

The government is set to unveil the revised prices at midnight on January 31, 2024, and these adjustments will be effective for the first half of February. 

Notably, in the previous fortnight, the government reduced petrol prices by Rs8 per litre to Rs259.34 while keeping diesel prices steady at Rs276.21 per litre.