In the current weeks, the cost of crude oil in global market has sore by 2 dollars per barrel. The price altered subsequent to the supposition that OPEC (Organization of the Petroleum Exporting Countries) members may cut oil supplies. This may as well compel the Government of Pakistan to adjust the price of petroleum products being sold in the country. The modification in price may take place from November 1, 2017.
It is predictable that there will be possible Rs.1 to Rs.2.50 amplify in the petroleum products. OGRA (Oil and Gas Regulatory Authority) would arrange an outline which is to be sent Ministry of Petroleum and Finance on October 30 and after that it’s likely to be resoluted to raise the rates of petroleum products or not. It is probable that OGRA sends a synopsis to government and give advice it not to modify the prices.
On the other hand, to the extent that the international tendency of prices is going, it is extremely predictable that the prices might rush forward. Not that the price of petroleum products might rise , however it is also predicted that the rate and prices of a lot of other things might rush forward for example the fares of buses and taxis as they use petrol and diesel.
It is to be illustrated here that at the present instant the price of petrol is Rs73.50 per liter, the worth of light diesel is Rs46 per liter, High-speed diesel is Rs79.40 per liter and last but not least, Kerosene oil is priced at Rs48 per liter.
Additionally, it is also expected that only the price of petrol and high-speed diesel might rise whereas the value of kerosene oil and light diesel might stay similar.
Let’s pass the time and observe how the events open up. Share your judgments in the comment section below.