Islamabad, Nov 14 : Diesel shortage is being reported in Pakistan amid a potential rise in petroleum product prices from November 16, local media reported on Friday, citing sources.

Sources have revealed that oil companies have halted the supply of diesel in Islamabad, which has resulted in diesel shortages in various regions, ARY News reported. The Petroleum Dealers Association stated that private oil firms have not been supplying diesel for the past three days.

Petroleum dealers have claimed that oil firms have artificially created a diesel shortage in the market, adding that diesel supplied by PSO is not adequate to meet the demand of the people in Pakistan.

From November 16, petroleum may rise by up to Pakistani Rupees (PKR) 9.60 per litre. Initial prices have been prepared considering the global market situation, as per the sources.

The price of diesel is expected to rise by PKR 9.60, while the petroleum price is expected to reduce by PKR 1.96 per litre. Kerosene prices are likely to increase by PKR 8.82 per litre, and light diesel oil prices may rise by PKR 7.15 per litre.

Earlier on October 31, Pakistan's federal government had increased prices of petroleum products by up to PKR 3.02 per litre for the next 15 days, with the new rates taking effect on November 1.

The notification issued by Pakistan's Ministry of Finance stated that the price of petrol has been increased by up to PKR 2.43 per litre, raising it from PKR 263.02 to PKR 265.45 per litre. The price of high-speed diesel has increased by PKR 3.02 per litre from PKR 275.42 to PKR 278.44 per litre, Pakistan's The Express Tribune reported.

Officials said the price hike comes after recent upward trends in international oil prices and is likely to increase worries of people, as they have already been facing inflationary pressures.

On October 15, Pakistan's federal government announced a reduction in prices of petroleum products by up to PKR 5.66 per litre.

/IANS