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