A potential increase in petroleum product prices is on the horizon as global crude oil rates continue to climb. Over the past 13 days, international markets have witnessed a steady surge in oil prices, raising concerns about domestic fuel cost adjustments.
According to market data, the price of Brent crude has risen by $1.60 per barrel, increasing from $65.85 to $67.47. Similarly, West Texas Intermediate (WTI), the U.S. crude benchmark, has climbed by $1.64 per barrel, from $61.98 to $63.62 during the same period.
In Pakistan, the Oil and Gas Regulatory Authority (OGRA) is scheduled to submit a summary of revised petroleum prices to the federal government on August 31.
The government will then decide whether to increase, decrease, or maintain the current fuel prices.
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The final decision rests with Prime Minister Shehbaz Sharif, who will review OGRA’s recommendations.
Upon his approval, the Ministry of Finance will issue the official notification reflecting any changes in petroleum product prices.
The upcoming adjustment will be closely watched, especially given the ongoing pressure from rising global oil prices and their potential impact on inflation and the cost of living in Pakistan.
