Global oil prices continued to rise on Friday, increasing the likelihood of another hike in petrol prices in Pakistan next week.

US West Texas Intermediate (WTI) crude climbed $1.03, or 1.3%, to $79.98 per barrel, recovering losses from the previous trading session.

Both major global oil benchmarks have gained nearly 12% this week. Brent crude remains on track for its third consecutive weekly gain, while WTI is heading for its second straight weekly increase.

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The upward trend in international oil markets could lead Pakistan to raise high-speed diesel prices by around Rs40 per litre and petrol prices by about Rs10 per litre in the next fortnightly review.

However, the government may reduce the petroleum levy to limit the impact of higher global oil prices on consumers.

Meanwhile, the National Committee on Monitoring and Coordination has taken serious notice of reports that some market players are hoarding petroleum products. The committee has directed the Oil and Gas Regulatory Authority (OGRA) to take the necessary regulatory action against those involved.