The latest reports say that the government is likely to increase the petrol prices due to tensions in the Middle East and surge in global oil rates.
ISLAMABAD: (UrduPoint/Pakistan Point News-Jan 25th, 2024) In response to escalating tensions in the middle East and a surge in global oil rates, the caretaker government in Islamabad is considering a petrol and high-speed diesel price hike during the upcoming fortnightly review on January 31, 2024.
Officials anticipate an increase of Rs7 per liter for both petrol and diesel. This potential adjustment follows a period of stable or decreasing domestic fuel prices since November 01, 2023.
The recent surge in international oil prices, attributed to Middle East tensions, has seen a rise of $4 to $5 per barrel in global prices for HSD, petrol, and crude oil over the past week.
The current stability of the local Currency has somewhat mitigated the upward price pressure, but market conditions suggest a likelihood of sustained higher prices in the coming days.
