Islamabad, Pakistan – Web Desk : Pakistan is expected to announce new petroleum product prices on Friday, with further increases likely due to surging global crude oil rates.
According to industry sources, the Brent crude oil price has crossed $100 per barrel in international markets, placing upward pressure on local petrol and diesel prices. The federal government maintains adequate fuel reserves for March, but the rapid rise in international prices has prompted a reassessment of domestic fuel rates.
In a bid to control spending and reduce fuel consumption, the government has implemented austerity measures. As part of this strategy, Islamabad observed a government holiday, and exports of jet fuel and petrochemical products have been temporarily restricted.
Federal Minister for Petroleum Ali Pervaiz Malik stated that the new prices would be determined based on average international rates, and the official announcement will be made on Friday. Last week, the government had already raised petrol and diesel prices by 55 PKR per liter due to rising regional tensions and global crude price spikes.
Industry analysts warn that further increases cannot be ruled out if international oil prices continue their upward trajectory.
