In Pakistan, there is growing concern about the potential for a significant petrol price hike of up to Rs15 per liter, set to take effect on September 16. This increase comes in response to a recent $5 per barrel rise in international crude oil prices.
As global crude oil prices continue to surge, Pakistan is bracing for potential inflationary challenges. If the value of the dollar doesn’t stabilize, consumers could be facing a substantial increase at the gas pump.
The Gulf market has seen crude oil prices rise from $88 per barrel to $93 per barrel, impacting the Pakistani economy. In terms of Pakistani currency, this shift means an increase of Rs 2,742 per barrel, pushing the world market price to Rs 25,344 per barrel as of September 1.
With the impending price hike factored in, the cost of crude oil in Pakistani currency now stands at Rs 28,086 per barrel. This development raises concerns about the financial strain it may place on Pakistani households and businesses.
As the September 16 date approaches, all eyes are on the potential petrol price increase. Pakistan’s economic stability hinges on the outcome, making it a topic of great interest for both consumers and policymakers as the country navigates these turbulent economic waters.
