Islamabad (HRNW)- The prices of petroleum products in Pakistan are expected to rise again, as the federal government is set to announce new fuel prices today (Friday) amid increasing global oil prices.
According to report, the rise in crude oil prices in the international market may lead to an increase in petrol and diesel prices at the local level. Sources said that although Pakistan currently has sufficient oil reserves for the month of March, the surge in global prices has compelled the government to review domestic fuel rates.
At present, the price of Brent crude oil in the global market has crossed $100 per barrel, which is likely to directly impact local petroleum prices.
Meanwhile, the federal government has also started implementing austerity measures to reduce expenses and limit fuel consumption. As part of this strategy, an official holiday has been declared in Islamabad today to help reduce fuel usage, while exports of jet fuel and petrochemical products have also been temporarily banned.
Earlier, Federal Minister for Petroleum Ali Pervez Malik stated that the official announcement regarding the revised petroleum prices would be made on Friday, adding that the new rates will be determined according to global average oil prices.
It is worth noting that petrol and diesel prices were already increased by Rs55 per liter last week due to rising regional tensions and global oil market fluctuations, and another hike is now being considered.
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