Fuel prices likely to be raised in Pakistan

Fuel prices likely to be raised in Pakistan
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ISLAMABAD -The oil prices in Pakistan are expected to increase by Rs 5 for the next month as a result of the swelling crude oil prices in the international market.

In an apparent backlash of the falling value of Pakistani rupee against the US dollar in the local market and an increase of crude oil prices in the international market, the Oil and Gas Regulatory Authority(OGRA) is expected to raise the petroleum products prices by Rs5 per litre for the month of May.

According to media reports, the oil prices in international market are at its peak now, moreover, the recent increase in the price of crude oil is due to the reduction of oil resources in the USA, however, a final decision in this regard would be announced by OGRA .

It is worth mentioning that government had reduced the oil price by Rs 2 last month, however, an increase for the month of May would apparently be disastrous owing to the month of Ramazaan starting from around May, 17th.

Economy