Global oil prices took a significant leap, marking a 2 percent surge on Friday, potentially prompting Pakistan’s caretaker government to recalibrate petrol and diesel prices in the upcoming week.
Reports and speculations surrounding the fortnightly review in Pakistan suggest anticipated revisions in petrol and diesel rates. The previous review had conflicting forecasts, with some hinting at a potential decrease in petrol prices while others speculated an increase.
Despite these uncertainties, the government maintained unchanged petrol prices in the preceding review cycle.
Presently, the petrol price in Pakistan stands at Rs 283.38 per liter, while diesel is priced at Rs 304.05 per liter. These rates will remain constant until November 15.
The recent 2 percent global oil price surge on Friday was primarily influenced by Iraq’s expressed support for OPEC+ oil cuts, setting the tone for the upcoming meeting in a fortnight.
Additionally, US energy companies have reduced the number of operational oil rigs for the second consecutive week, reaching the lowest count since January 2022. This rig count serves as a crucial indicator of future production.
In response to this global shift, Brent futures observed a surge of $1.42, marking a 1.8 percent increase to reach $81.43 per barrel. Simultaneously, US West Texas Intermediate (WTI) crude observed a $1.43 hike, signifying a 1.9 percent increase, reaching $77.17 per barrel.
