ISLAMABAD: The federal government is expected to announce changes to petroleum product prices on Friday.
Pakistan has ample oil reserves for March, but petrol and diesel are likely to become more expensive today due to rising prices in the global market. The price of Brent oil in the global market is more than $ 100 per barrel.
The government has started implementing austerity measures. Today is a public holiday in Islamabad to reduce fuel consumption. Pakistan has banned the export of jet fuel and petrochemical products.
Yesterday, Petroleum Minister Ali Pervez Malik said that a formal announcement will be made on Friday to change the prices of petroleum products and the new prices will be set keeping in mind the average rates.
It should be noted that due to the tense situation in the region and the rising prices of crude oil in the global market, the government had increased the prices of petrol and diesel by Rs 55 per liter last week.
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