Govt likely to increase petrol prices for next fortnight

The federal government is likely to jack up the petroleum prices for the second fortnight of January 2025.Sources said the Oil and Gas Regulatory Authority (OGRA) has sent a summary to the Ministry of Finance for revising petroleum prices.The government is expected to increase the petrol and diesel prices by Rs3.5 per litre. The new rates will come into effect from January 16.An increase in petroleum prices has been recommended keeping in view the rising global oil prices amid US sanctions on Russian supplies.In international market, oil prices rose on Wednesday trimming losses from the previous day, as the focus turned back to potential supply disruptions from sanctions on Russian tankers, although gains were capped as the market awaited more clarity on their impact.Brent crude futures edged up 51 cents, or 0.6%, to $80.43 a barrel by 0735 GMT.