ISLAMABAD - Price of petrol is likely to be jacked by Rs 1.58 per litre with the start of the New Year ostensibly due to depreciation in the value of rupee against the dollar and serious raise in the ration of Inland Equalisation Margin (IEM).

Sources informed The Nation on Thursday that Ministry of Petroleum and Natural Resources has prepared the working paper regarding the prices of Petroleum Oil and Lubricants (POL) products for the upcoming month of January, 2012.

The IEM will be more expensive to the tune of 66 paisa per litre.  Though price of petrol was expected to reduce according to the declining trend of international market yet due to depreciation of Rs 2 in the value of rupee against the dollar and similarly increase in freight margin would possibly give further surge in the price of petrol.

Hi Octane Blended Component (HOBC) will be expensive by Rs 5.13 per litre while price of per litre High Speed Diesel (HSD) is expected to be 10 paisa cheaper and a reduction in the price of per litre kerosene will be Rs 1.15 paisa.

Similarly, a decline of 45 paisa in the price of the per litre Light Diesel Oil (LDO) is also likely.