Petrol price may cross Rs400 in Pakistan as global oil surges

ISLAMABAD: There is a risk of a major increase in the price of petrol in Pakistan once again, the price may exceed the historic level of Rs 400 per liter.

According to the details, after a sudden and unusual increase in the prices of crude oil in the global market, there is a risk of a major increase in the prices of petroleum products in Pakistan.

The price of Brent crude has crossed the level of $ 110, which will have an impact on local prices.

According to the latest global market data, as of April 28, Brent crude in the global market rose by $ 2.99 to reach $ 111.22 per barrel, while US crude oil rose by $ 3.66 to cross the level of $ 100.03 per barrel.

The main reason for this surge in oil prices is the growing tension in the Middle East, the increasing bitterness between the US and Iran and the impasse in peace talks have created uncertainty in the global market.

Pakistan is largely dependent on imported oil for its fuel needs, so the increase in global prices directly affects the local market.

Sources say that given the current global trend, the price of petrol in Pakistan may exceed the historic level of Rs 400 per liter.

According to economists, if global oil prices remain the same, the Pakistani people may face a new and severe shock of inflation in the first decade of May.

Sources say that the collection of petroleum levy is already close to crossing the annual target of Rs 1468 billion, but despite this, consultations are underway to increase the levy further.

It should be noted that last week, when the price of petrol reached Rs 393 per liter, there was intense anger across the country. The increase in petrol prices is severely affecting the budget of motorcyclists, rickshaw drivers and online riders.

The expected increase in diesel prices will affect freight transport, agriculture and industrial supply chains, which is likely to increase the price of everything, including food.