Global Oil Prices Rise 10%, Pakistan Faces Possible Fuel Price Hike
In the international market, Brent Crude Oil rose by $9.29, pushing its price above $101.3 per barrel. Meanwhile, West Texas Intermediate Crude Oil (US crude) increased by $9.02, reaching $96.27 per barrel.
According to the International Energy Agency (IEA), rising tensions involving the United States, Israel, and Iran are disrupting global oil supplies. The agency recently announced the release of 400 million barrels of emergency oil reserves, but the move has not significantly reduced prices.
In Pakistan, emergency consultations on the economic situation are ongoing under the leadership of Prime Minister Shehbaz Sharif. Finance Minister Muhammad Aurangzeb warned that the conflict in the Middle East is negatively affecting Pakistan’s economy, increasing pressure on external payments and potentially reducing remittances.
Meanwhile, Petroleum Minister Ali Pervaiz Malik stated that a new announcement regarding petroleum product prices is expected on Friday. Due to rising global oil prices, the government had already increased petrol and diesel prices by Rs55 per liter last week, raising concerns about further hikes.