New Delhi, Jan 14 (IANS): For the first time in the history of Pakistan, petrol price is expected to hit 150 PKR per litre amid soaring prices of crude oil in the international market, said sources in oil marketing companies.

The sources said that the government is expected to hike prices of petroleum products by 6 PKR per litre from January 16, The News International reported.

The authorities are likely to increase the prices of petrol by 5 PKR and diesel by 6 PKR per litre, the sources added.

A final decision, however, would be announced by the ministry of finance after consultations with the Prime Minister.

On December 30, 2021, the government had announced yet another hike in the prices of petroleum products.

According to a notification issued by the Finance Division, the price of petrol and high-speed diesel (HSD) had been increased by 4 PKR per litre for the first 15 days of January 2022.

The increase had been announced to meet the petroleum levy target agreed with the International Monetary Fund (IMF).

As per the notification, the price of kerosene had been increased by 3.95 PKR, and light diesel oil (LDO) by 4.15 PKR per litre.