The circumstances have changed all over the world due to Covid-19 and that is the reason that the fuel prices are going up all over the world. Due to a global crisis and again trying to move towards recovery, the prices of crude oil are increasing and it is currently at the highest level since 2018. This increase in prices ultimately affected the local fuel prices in Pakistan.
Reason Behind the Increase In Fuel Prices
The crude oil prices have increased to the highest level since 2018. The reason behind this is that the world economy is trying to recover and suddenly the demand for fuel is increased all over the world. Crude oil-producing countries are trying to keep the supply continued to maintain the supply and demand balance and also, they have increased the prices of crude oil. Prices are almost doubled, which were at $ 42.5 about a year ago.
IN the latest meeting held by the oil-producing countries, they have said that they will be able to increase the oil production only by 400,000 Barrels per day despite high prices globally. The critics are saying that currently, those countries are waiting for the sustainability of crude oil prices at a higher level who had stopped the oil production due to low demand and low prices of crude oil during the Covid-19.
Petrol Prices In Pakistan
There is an increase in the fuel prices internationally so it is widespread news that the Govt. of Pakistan is likely to increase the petrol prices again from the 1st of November. As there is a continuous decrease in the value of Pakistani Rupee and fuel prices in the international market are increasing so according to reports The Oil Marketing companies have decided to increase the petrol prices by PKR 7 per liter. Which will take the new petrol price to 145 PKR per liter approximately. And the prices of diesel will increase by PKR 9 per liter. Sources also confirmed that the price increase depends upon the fluctuation of imported oil prices in the next 5 days.
It is important to mention that the govt. increased the petrol prices on 16th of October by 10.49 rupees per liter and this increment was on the very next day when the govt. increased the price of electricity by 1.39 per unit which will be effective from next month.
