During the course of one week, there has been an increase in the prices ofcrude oil in the international market. The price of crude oil in the Gulfmarket has risen from $88 per barrel to $93 per barrel. According to thereport, there has been a $5 increase per barrel in the price of crude oil.
As of September 1st, the price of crude oil was 25,344 Pakistani Rupees perbarrel, but after these increases, it has reached 28,860 Pakistani Rupeesper barrel, despite a slight decrease in the value of the US dollar againstthe Pakistani Rupee. If there is no further decrease in the value of the USdollar, petroleum product prices could increase by 15 Rupees per literstarting from September 16th.
This increase in crude oil prices by $5 per barrel has led to a rise of2,742 Pakistani Rupees per barrel. Even though there has been somestability in the exchange rate of the US dollar, this increase in crude oilprices by $5 has resulted in a 15 Rupees per liter potential increase inpetroleum product prices from September 16th.
The fluctuations in international crude oil prices can have a significantimpact on the Pakistani economy, particularly on the cost of petroleumproducts for consumers.
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It’s crucial for the government to monitor these developments closely tomitigate the potential effects on inflation and the overall cost of livingfor its citizens
