International oil and gas prices have risen to new heights due to the possibility of Israel taking action against Iran in the coming days.
The US WTI crude oil price has reached $90.10, while the Western Canadian Select oil has gone up to $72.62 per barrel. Over the next two to three months, Pakistan will have to increase the prices of petrol and diesel continuously in different stages, and the prices could go up to 3500. The spokesperson of the Ministry of Finance explained the reasons for the recent hike in the prices of petroleum products.
According to him, the price of petrol has increased by $3.82 per barrel in the world market over the last 15 days, while the high-speed diesel price has gone up by $4.30 per barrel. Ogra has proposed to raise the price of petrol by Rs. 4.53 and high-speed diesel by Rs. 8 and 14 paise. The prices of petroleum products are subject to fluctuations in the global market’s exchange rates.
Due to uncertainty in the global market, a request for a reduction in electricity bills was submitted to Nepra for the third consecutive month in the Middle East. The rise in petroleum product prices is expected to ease with the end of the crisis in the Middle East. Note that the federal government has increased the prices of petroleum products for the next 15 days. The petrol price per liter has gone up to 293 rupees and 94 paise, while the diesel price has gone up by 8 rupees and 14 paise per liter. This notification is valid from April 16 to April 30.
