There is a possibility of an increase in petroleum prices in the country before the general elections.
According to the report, the caretaker government may consider an increase of up to 7 rupees per liter in the prices of petrol and diesel from January 31 to February 15, but the final decision will be made after the recommendation.
There has been an increase in local production of petroleum products in the country.
Experts say that during the past week, due to attacks on oil ships in the Red Sea by Houthi rebels in the Middle East, there has been an increase in oil prices. The impact of the increase in oil prices in the international market will also affect the prices of petrol and diesel in Pakistan.
In the international market, the price of petrol has risen from 83 dollars to 89 dollars during the past week, while the price of high-speed diesel has also increased from 93 dollars to 97 dollars per barrel. Crude oil has also risen from 76 dollars to 80 dollars per barrel.
A 16% decrease in revenue from petroleum products has been recorded in the first 5 months of the current fiscal year.
Experts say that due to the stability of the Pakistani rupee against the American dollar, there is an expected minimal increase in the prices of petrol and diesel; otherwise, the prices could have risen significantly.
