Possibility of increase in petroleum prices at the end of this month
In view of the decline in the value of the rupee and the rise in international oil prices, there is a possibility of an increase in petroleum prices in the country at the end of this month and the beginning of September.
The government had announced an increase of up to 20 rupees per liter in the prices of petroleum products in the middle of this month.
The dollar reached its highest level against the rupee in the interbank market this week and closed at Rs 301 on Friday.
On the other hand, oil prices in the international market have been rising since August 24.
Benchmark Brent crude oil was trading at $84 per barrel, up from $82 on August 16.
Arab light crude oil, which Pakistan uses, reached $88 per barrel.
Pakistan meets most of its fuel needs by importing refined petroleum products from the Middle East, at a cost calculated in US dollars.
The rising price of the US dollar has already increased the prices of imported petroleum products for Pakistan, which will have an impact on consumers.
Petroleum prices in Pakistan may increase at the end of this month or in early September due to the decline in the value of the rupee and the rise in international oil prices.
The government had announced an increase of up to 20 rupees per liter in the prices of petroleum products in the middle of this month. However, the rising price of the dollar has already increased the prices of imported petroleum products for Pakistan, which will have an impact on consumers.
If the prices of petroleum products are increased again, it will put a further burden on the people of Pakistan, who are already facing high inflation. The government needs to take steps to stabilize the economy and prevent further increases in the prices of petroleum products.
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