Price of petroleum products in Pakistan likely to increase by Rs.9.59 per liter

Prior to this, the government increased the prices of petroleum products by Rs. 12.03 per liter.

Price of petroleum products in Pakistan likely to increase by Rs.9.59 per liter

The price of petroleum products in Pakistan is likely to skyrocket after Russia’s invasion of Ukraine. Rates of all products will increase by Rs.9.59 per liter with effect from 1st March 2022.

Prior to this, the government increased the prices of petroleum products by Rs. 12.03 per liter. On 16th February, the price of crude oil was $94 per barrel, but this number has crossed the $100 mark for the first time since 2014 due to the Russian invasion.

Increase in price of petroleum products

According to industry experts, when Russia invaded Crimea back in 2014, it raised funds through petroleum products. They were of the view that the US also has shale oil, but it is costly, and the US might try to bring it to the market to harm the Russian revenue.

Another speculation is that the United States could ease the sanctions it has imposed on Iran. This will allow the country to sell oil on the world market, which would lower the price to $65 per barrel. However, it is highly unlikely due to the complex relationships.

If the current situation of petroleum prices is not resolved one way or the other, we could see the price going up to $125 per barrel. In such circumstances, the price of petrol in Pakistan could rise up to Rs. 200 per liter. This will put the Pakistani population under stress, and also directly impact those living below the belt.

There is a possibility that the price of petrol will go up to Rs. 169.45 per liter, and the price of diesel will increase by RS. 8.52 per liter, making the number Rs. 162.67 per liter.

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