The increase of more than 5 percent has occurred in the price of oil in theWorld after the launch of the Hamas attacks and resulting war in MiddleEast. According to the details, due to the increase in Middle Easttensions, there are concerns of possible disruptions in supplies from Iran,leading to a Brent crude oil price increase to $88.76 per barrel, up by$4.18 or 4.94 percent.
However with the rise in prices there are less chances of price reduction.Furthermore if the war continues and the prices of crude oil increasefurther in international market then Pakistan oil import bill is going torise dramatically and causing severe drain on Pakistan economy.
It has been reported that over the past 2 weeks, there was a continuousdecrease in crude oil prices in the global market, with a reduction of morethan 5 percent. However, the current situation in the Middle East has onceagain raised concerns for oil-exporting countries. It should be noted thatafter a decrease in oil prices over the past 2 weeks, there wereindications of a significant reduction in petroleum product prices inPakistan.
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In the global market, there has been a $12 decrease in the price of petrol.The global market price of petrol has fallen from $114 to $102 per barrel.There has been a $9 decrease in the price of diesel in the global market.The global market diesel price has dropped from $125 to $117 per barrel.After the decrease in the global market, there is a possibility of asignificant reduction in petroleum product prices in Pakistan from October16th.