In last 20 days’ petroleum prices are increasing in international market and same is expected in Pakistan. Experts declare this expected rise in price is due to devalue of Pakistani rupee and price increase in international market.
As value of Pak rupee has decreased an international hike in prices experts are predicting a 5 to 7 rupee rise in petroleum prices in Pakistan. Government will not hold petroleum prices anymore increasing trend will be followed in upcoming few months. Finance Minister Ishaq Dar announced on Saturday. The Oil and Gas Regulatory Authority (OGRA) had earlier recommended an increase of Rs0.30 per liter in the price of petrol and an increase of Rs.3.94 in the price of high speed diesel. The government will be subsidizing petroleum products by Rs4 billion in order to maintain prices at current levels, the finance minister said. Hence, the prices of WTI Crude Oil & Brent Crude Oil are increased in the international market