A surge in the price of crude oil in the international market has caused the price of petroleum products in Pakistan to react.
In a month, crude oil prices rose by $5.94 per barrel and the dollar rose from Rs164 to Rs169.50, after which the Oil and Gas Regulatory Authority (OGRA) recommended an increase in diesel price by Rs10 and petrol prices by Re1 per liter. The government managed this by raising the price of petrol Rs5 and diesel by Rs5.01 per liter.
On August 16, the price of crude oil in international market was $69.56 per barrel, and it rose to $71.28 per barrel on September 1.
Over the past couple of days, the price rose again and on September 15, crude oil hit $74.48 per barrel. Higher crude oil prices have increased Pakistan’s import bill.
The dollar also appreciated this week to cross Rs170 on Wednesday. The depreciation of the rupee against the dollar then had an effect on petroleum products.
The dollar was trading at Rs164 in August and reached Rs169.50 on September 15.