Petrol prices increase in Pakistan
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Petrol prices in Pakistan are anticipated to rise following a global surge in oil prices, attributed to escalating tensions in the Middle East. Media reports suggest that as of November 1, the cost of petrol is likely to increase by Rs3.55 paise per liter. This increase will also affect diesel prices to a certain extent.
Notably, the sale of petroleum products in Pakistan has seen a significant decline of 34% due to the elevated prices. In the international market, both petrol and diesel prices have witnessed increases of $3.14 and $1.14 per barrel, respectively.
In an earlier move, the caretaker government had reduced the price of petrol by Rs40 per liter in response to the decrease in global oil prices and the strengthening of the Pakistani rupee against the US dollar.
However, the persisting tension in the Middle East is causing a continual upsurge in oil prices within the global market.
