Petrol likely to be expensive in Pakistan after global hike in oil prices

Islamabad: Due to the increasing tension in the Middle East, a hike in the overall oil prices is being seen in the global market.

After the increase in oil prices in the global market, a slight increase in petrol prices is also expected in Pakistan. According to media reports, it is likely that petrol price will be high by Rs3.55 paise per liter from November 01. While the price of diesel will also increase slightly.

It is pertinent to note that in the international market, petrol and diesel prices have increased by $3.14 and $1.14 per barrel respectively.

Earlier, the caretaker government had lowered the cost of petrol by Rs40 per liter in view of the decline in global oil prices and the strengthening of Pakistani rupee against US dollar.

However, due to the tension in the Middle East, oil prices are continuously increasing in the global market.