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Petrol Prices in Pakistan Likely to Increase Amid Global Oil Price Hike
Petrol prices in Pakistan could rise by Rs. 4/L and diesel by Rs. 10.25/L due to soaring international crude oil prices amid the Middle East crisis.
ND
by News Desk
2024-10-12
Petrol Prices in Pakistan Likely to Increase Amid Global Oil Price Hike

As tensions escalate in the Middle East, the ripple effect is being felt in global oil markets, leading to a potential increase in fuel prices in Pakistan. According to sources, the government is considering raising the price of petrol by Rs.4 per liter and high-speed diesel by Rs.10.25 per liter in response to rising international crude oil prices.

 

The price of crude oil in the global market has climbed from an average of $76 per barrel to nearly $79 per barrel, driven by geopolitical uncertainties in the Middle East. This surge is expected to impact domestic fuel prices, with a formal announcement likely to be made in the coming days.

 

It’s worth noting that Pakistan has seen a series of fuel price reductions over the last two months, with prices of petroleum products being slashed four times. However, the global oil market’s volatility may reverse this trend, leading to a rise in fuel costs for consumers.

 

Experts warn that this increase in fuel prices could further strain Pakistan’s economy, affecting transportation costs and the prices of essential goods.

 

Consumers are urged to prepare for the anticipated price hike as the government finalizes its decision based on global market trends.

 
Tagged:

Pakistan

FuelCosts

PetrolPriceHike

MiddleEastCrisis

CrudeOilPrices
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