OGRA Announces Change in Petroleum Product Prices; Notification Issued
Islamabad — OGRA has announced a change in the prices of petroleum products. According to the notification issued by the Petroleum Division, the price of petrol has been reduced by Rs1.60 per liter, while diesel has been increased by Rs1.64 per liter.
The new price of petrol has been fixed at Rs377.71 and the price of high-speed diesel at Rs391.75. The new prices will take effect from 12 midnight tonight.
According to another report, after rising tensions in the Middle East and Houthi attacks on Saudi Arabia, concern has increased in global energy markets, as a result of which crude oil prices recorded an increase of more than two dollars per barrel.
According to the news agency Reuters, the price of Brent crude rose by $2.82 to reach $111.64 per barrel, while the price of US West Texas Intermediate (WTI) rose by $2.24 to $99.39 per barrel.
The Strait of Hormuz is an extremely important passage for global energy supplies. Any major disruption on this route could affect the global supply of crude oil and natural gas, with effects on energy prices and import costs. In the event of a continuous increase in crude oil prices, fuel purchases could become expensive for oil-importing countries. As a result, pressure on transport, electricity generation, industrial costs, and the prices of essential commodities is likely to increase.
However, the impact of rising crude oil prices in the global market is not uniform across every country. Local fuel prices are also affected by the exchange rate, taxes, government policies, and import costs.
