ISLAMABAD: The government is expected to keep petroleum product prices unchanged for the current week, despite a sharp increase in global oil rates driven by ongoing tensions in the Middle East.
According to market data, Brent Crude has climbed to $106.18 per barrel, while Murban crude has crossed the $105 mark. Meanwhile, West Texas Intermediate (WTI) has reached $96.73 per barrel in international markets.
Over the past week, WTI crude has surged by more than $14, while Brent crude has increased by over $15. Murban crude has also recorded a rise of more than $5 during the same period.
Despite the upward trend globally, officials indicate that local petroleum prices may remain stable for now. The decision will be taken in light of revenue targets and broader economic considerations.
Sources say the final approval for petroleum prices will be given by the Prime Minister, who will determine rates for the upcoming week.
