The world is currently on edge, anticipating a potential energy crisis due to escalating tensions in the Middle East, which have caused a significant spike in global oil prices.
In Pakistan, consumers are facing the unsettling possibility of both petrol and diesel prices surging in the coming weeks. Reports suggest that petrol may witness an increase of Rs3.55 per litre, while diesel could rise by Rs0.82 per litre.
This upward trend in petrol and diesel prices is not limited to Pakistan alone. International oil markets have experienced a substantial increase, with petrol and diesel prices surging by $3.14 and $1.14 per barrel, respectively.
The situation has placed immense pressure on Pakistan's energy sector, raising concerns about the affordability of fuel for the nation's citizens.
Interestingly, amidst this uncertainty, the Pakistani Rupee (PKR) has shown a slight recovery, gaining approximately 4 rupees or 1.42% against the USD when compared to the previous fortnight's weighted average rate of PKR 282.37 per USD.