ISLAMABAD -The oil prices in Pakistan are expected to increase by Rs 5 forthe next month as a result of the swelling crude oil prices in theinternational market.

In an apparent backlash of the falling value of Pakistani rupee against theUS dollar in the local market and an increase of crude oil prices in theinternational market, the Oil and Gas Regulatory Authority(OGRA) isexpected to raise the petroleum products prices by Rs5 per litre for themonth of May.

According to media reports, the oil prices in international market are atits peak now, moreover, the recent increase in the price of crude oil isdue to the reduction of oil resources in the USA, however, a final decisionin this regard would be announced by OGRA.

It is worth mentioning that government had reduced the oil price by Rs 2last month, however, an increase for the month of May would apparently bedisastrous owing to the month of Ramazaan starting from around May, 17th.