Following worldwide price movements that extended advances to their highest levels in over seven years, petroleum prices in Pakistan are expected to rise starting 1 February 2022.
Due to a rise in crude oil prices on the international market, the price of petrol is likely to reach an all-time high of Rs. 158 per liter.
According to industry sources, the government is expected to raise fuel prices by up to Rs. 10 per liter. According to sources, the price of petrol (MS) could rise by Rs. 7 to Rs. 10 per liter, while the price of high-speed diesel (HSD) could rise by Rs. 10 per liter.
Petrol costs Rs. 147.83 per liter, high-speed diesel costs Rs. 144.62, kerosene oil costs Rs. 116.48, and light-speed diesel costs Rs. 114.54. The federal government raised fuel prices by Rs. 3.01 on January 15, 2022, to meet the petroleum levy objective agreed upon with the International Monetary Fund.
After receiving approval from Prime Minister Imran Khan, the Finance Division is anticipated to make a final decision on January 30.
On Friday, the price of crude oil in the global Brent oil market hit a seven-year high of $90.59 a barrel. Furthermore, the WTI crude oil price rose $1.05, or 1.2 percent, to $87.66 per barrel.
According to Reuters, supply restrictions have pushed Brent’s six-month market structure into perilous territory at $6.92 a barrel, the lowest since 2013.
This suggests that current levels are higher than in prior months, prompting dealers to release oil from storage in order to sell it as rapidly as possible.
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