In response to the recent surge in petroleum prices, the Ministry of Finance attributed on Tuesday the upward trend to fluctuations in the international oil market.
According to a spokesperson from the ministry, the fortnightly increase in prices of various petroleum products is directly linked to the rise in global oil prices, which saw petrol and high-speed diesel prices climb by US$ 3.82 and US$ 4.30 per barrel, respectively.
The Oil and Gas Regulatory Authority (OGRA) had recommended a hike in petrol prices by Rs. 4.53 and high-speed diesel by Rs. 8.14, citing the impact of international market dynamics and exchange rate fluctuations.
The Ministry emphasized that the pricing of petroleum products is intricately tied to global market conditions, with recent escalations attributed to heightened uncertainty in the Middle East.
The spokesperson expressed optimism that resolution of the crisis in the region would alleviate pressure on global oil prices, potentially offering relief to consumers domestically.
However, until such stability is achieved, consumers in Pakistan may continue to face the ramifications of international market volatility.
It's noteworthy that the government had recently announced a price increase for petrol and diesel, with petrol now priced at Rs. 293.94 per litre and diesel at Rs. 290.38 per litre, reflecting a significant adjustment to accommodate the international market trends.
