ISLAMABAD: Fuel consumers are going to face another huge price increase in petroleum products as Govt. may increase rates up to 10% from next month. Prices of petroleum products are already high for all kind of consumers. And it may increase further as ex-refinery rates are likely to jump 5-10 % following fluctuations in global crude oil prices.
The local oil industry has compiled some figures according to which variation expected on crude oil prices in ex-refinery will start from 1st February 2022. And in the international market for the two weeks starting from January 16, 2022.
From starting of next month, ex-refinery price of petrol may rise up to 5.03 percent to Rs 122.11 from Rs 116.26 or Rs 5.85 per liter.
Diesel price may increase up to 9.49 percent to Rs123.73 from Rs.113.01 or Rs10.72 per liter.
JP-I local rate may rise up to Rs10.04 per litre or 10.05 percent to Rs 109.93 from Rs 99.89.
Kerosene is likely to climb up to Rs10.03 per litre or 10.09 percent to Rs 109.46 from Rs 99.43.
Furnace oil price may increase up to Rs 8,648 per ton from Rs 98,376 to Rs107,024 per ton.
Major reasons of increase in oil prices:
Limited crude oil supply and geopolitical tensions between Europe and Middle East have jacked up oil to highest rate $90 a barrel in the international market. It is highest record rate in last seven years.
Ukraine and Russia dispute is somewhat reason for price increase of oil. Recently, Joe Biden -US president has warned Russia that Washington will impose sanctions on Vladimir Putin if they attack on Kiev.
Yemen’s Houthi movement has also launched missile attack on United Arab Emirates -UAE which is also a major reason for increase in oil prices.
These disputes and tensions, which are causing to increase in global oil prices, will definitely impact Pakistan.
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