The price of crude oil in the international market in the recent week has gone up by 2 dollars per barrel. The price changed after the assumption that OPEC (Organization of the Petroleum Exporting Countries) members might cut oil supplies. This might also force the Government of Pakistan to change the price of petroleum products being sold in the country. The change in price might occur from November 1, 2017.
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It is expected that there would be Rs.1 to Rs.2.50 increase in the petroleum products. OGRA (Oil and Gas Regulatory Authority) would prepare a summary which is to be sent Ministry of Petroleum and Finance on October 30 and then it would be decided to increase the rates of petroleum products or not. It is possible that OGRA sends a summary to government and advise it not to change the prices.
However, as far as the international trend of prices is going, it is highly expected that the prices might surge. Not only the price of petroleum products might go up, but also the rate and prices of many other things might surge such as the fares of buses and taxis as they run on petrol and diesel.
It should be noted here that at the current moment the price of petrol is Rs73.50 per liter, the price of light diesel is Rs46 per liter, High-speed diesel stands at Rs79.40 per liter and lastly, Kerosene oil is priced at Rs48 per liter.
Furthermore, it is also expected that only the price of petrol and high-speed diesel might go up while the price of kerosene oil and light diesel might remain the same.
Let’s wait and see how the events unfold. Share your thoughts in the comment section below.
