Petroleum prices surge amid global market volatility

The Ministry of Finance has announced a hike in the prices of petroleum products across the country, attributing the increase to the surge in global oil prices.

Explaining the rationale behind the uptick in petroleum prices, a statement released by the ministry's spokesperson cited a notable escalation in international oil prices over the past fortnight.

According to the statement, the price of gasoline in the global market witnessed a surge of $3.82 per barrel during this period, while the price of high-speed diesel rose by $4.30 per barrel.

Furthermore, the spokesperson revealed that the Oil and Gas Regulatory Authority (OGRA) has recommended an increase in the price of petrol by Rs4.53 and high-speed diesel by Rs8.14.

Highlighting the interconnectedness of local prices with global market dynamics, the spokesperson said that fluctuations in international prices and exchange rates directly influence the cost of petroleum products in Pakistan.

Moreover, the spokesperson mentioned the impact of geopolitical tensions in the Middle East on global oil markets, contributing to the prevailing uncertainty and subsequent price hikes.

Expressing optimism for a potential alleviation of the situation, the Ministry of Finance spokesperson expressed hope that relief may be on the horizon following the resolution of the Middle East crisis.