Major Increase in Petroleum Product Prices Again Today, Notification Issued
Islamabad (Qudrat Daily) — OGRA has announced another major increase in the prices of petroleum products today. According to the notification issued by the Petroleum Division, the price of petrol has been increased by Rs 6.88 and the price of diesel by Rs 5.62 per litre. The new price of petrol has been set at Rs 391.22 and the price of diesel at Rs 421.45.
The new prices will take effect from 12 midnight tonight. According to the statement, international prices of crude oil and petroleum products remain at elevated levels. The effects of global oil prices are also being felt in Pakistan. On the other hand, the price of crude oil in the international market has reached close to $108 per barrel; however, after Saudi Arabia’s offer to supply additional crude oil via Oman, a slight decrease in prices was recorded.
According to the US news agency Associated Press, the price of Brent crude fell by 83 cents to $107.92 per barrel, while US West Texas Intermediate crude dropped by $1.41 to $104.42 per barrel. According to the report, due to ongoing tensions in the Strait of Hormuz, Saudi Arabia has offered to supply crude oil through an alternative route near Oman to provide additional oil to the global market. This development in the global energy market comes at a time when the movement of commercial ships through the Strait of Hormuz has significantly decreased from normal levels, raising concerns about the global supply of crude oil and other energy products. Saudi Arabia’s move to increase oil supply through an alternative route is being described as an effort to reduce supply pressure in the global market; however, due to ongoing tensions in the region, fluctuations in oil prices are likely to continue.
