Saying that the day started on a disastrous note will be an understatement. This morning, the Russian troops invaded Ukraine, and the international oil prices hit $105 a barrel, the highest since September 2014. The war in Europe is translating to a global oil crisis that no one is ready for.
Long story short, Russia is the world’s second-largest oil producer and the largest oil supplier to Europe. Russia’s war with Ukraine could lead to an energy crisis in the region and the rest of the world. Right now, the global oil market is nervously awaiting what happens with Russia and Ukraine. And as the international oil prices remain unstable, so will our local fuel prices.
We barely made it alive after the last petrol price hike of Rs.12 per litre, and another is already here. The next few days are critical for the world, including Pakistan. The international oil prices could jump up to $125. That means the petrol prices in Pakistan would go up to Rs. 200-225 per litre.
Current Petrol Prices
The current petrol price is at an all-time high of Rs. 159.86 per litre.
The current diesel price is Rs.154.15 per litre.
The current price of kerosene oil is Rs. 126.56 per litre.
The current price of light diesel oil is Rs. 123.97 per litre.
The government of Pakistan hiked the petrol price by Rs. 12 per litre when the international crude oil price was at $95 per barrel. Today, crude oil has hit $105 per barrel and is still going up. Imagine how much the petroleum prices would go up on the 1st of March.
Let’s see what happens with the ongoing geopolitical tensions between Russia and Ukraine and how the war in Europe affects the global oil market. Hope things get settled and the world goes back to when petrol didn’t cost a fortune.
