LAHORE: Petroleum prices in Pakistan are expected to rise by up to Rs9.60 during the upcoming fortnightly review for November 2025.
The anticipated price hike is largely attributed to a reduction in diesel production in the Gulf region, caused by ongoing maintenance at a major oil refinery in Kuwait.
The federal government is set to announce the revised fuel prices tomorrow night, with the new rates taking effect from November 16.
Meanwhile, oil prices jumped about 2 percent in international market on Friday on supply fears after a Ukrainian drone attack hit an oil depot in the Russian Black Sea port of Novorossiysk, a major export hub.
Brent crude futures rose $1.24, or 1.97%, to $64.25 a barrel by 0315 GMT, while U.S. West Texas Intermediate crude rose $1.25, or 2.13%, to $59.94 a barrel.
The attack early on Friday damaged a ship in port, apartment buildings and an oil depot in the Russian Black Sea port of Novorossiysk, injuring three crew members of the vessel, Russian officials said.
