Overview
The recent massive increase in petrol rates also creates troubles for the business sector. Not only the low-income employees suffering but businesses are also falling into low scale. The production department is disturbed by high costs.
The significant increase in petroleum prices is the worst for already unprecedented inflation. The unpracticed economic condition caused the country’s manufacturing and business departments to fall. The business industry raising its voice against the deteriorating economy highlights concerns about production, sales, and revenue.
What About Cheap Petrol
It’s been a long time since we have been waiting for cheap petrol but didn’t get anything in real life. There is no news regarding Russian crude oil. Meanwhile, the government scheme to offer cheap petrol to motorbikes, rickshaws, and cars up to 660cc has also not taken in any action.
If we address the issue of Russian crude oil there is no news of the implementation of the first import. we have heard that the Russian crude was difficult for the oil refineries. Pakistan oil refineries use Arabian imported oil which is lighter than Russia. But Russia provides petrol at cheap rates compared to the international market.
Reasons for Petrol Price Hike
The continuously increasing the strength of dollar against the rupee value is a big issue of Pakistan’s deteriorating economy. It makes the petrol price expensive from the international market. On the other side, petrol rates increased in the global market also. Per barrel, the price increased from $88 to $92.
Rupee devaluation and the overall international market rate’s ups and downs had an effect on petrol rates. Pakistan’s economy is already starving. The business industry is disturbed by the significant change in imported products.
Current Petrol Prices Stand
After the recent increase in petrol prices, the price reached Rs. 331.38 per liter which is the first time in Pakistan’s history. The High-Speed Diesel Cost reached Rs.329.18 per liter. petroleum products have experienced significant changes in the last couple of months. And setting the new records of petroleum rates in Pakistan.
