The federal government is expected to announce new prices for petroleum products on Friday. Petrol and diesel prices may increase due to rising global oil prices.
Although Pakistan currently has enough oil reserves for March, fuel prices are still likely to go up. This is mainly because the price of Brent crude oil in the international market has crossed 100 dollars per barrel.
The government has also started taking steps to reduce fuel consumption. As part of these measures, Friday has been declared a public holiday in Islamabad to help save fuel. In addition, Pakistan has banned the export of jet fuel and petrochemical products.
On Thursday, Petroleum Minister Ali Pervez Malik said that the government will make a formal announcement about petroleum prices on Friday. He added that the new prices will be set based on the average international rates.
It is important to note that the government increased petrol and diesel prices by Rs55 per liter last week. This decision was taken because of the tense situation in the region and the rising prices of crude oil in the global market.
Now, people are waiting for the government’s announcement to see how much fuel prices will change.
