Prices of petroleum products likely to rise before elections

Islamabad: Ahead of the general elections on February 8, the prices of petroleum products are expected to increase in the country, reportedly.

According to the media reports, after the continuous fall in the price of petroleum products, this time it is strongly expected that the caretaker government will increase the price of petrol and diesel.

It is also reported that the interim government may increase the prices of petrol and diesel by Rs7 per liter from January 31 to February 15.

If there is an increase in the price of petroleum products, it will be the first rise since November 1, 2023.

Experts who monitor petroleum products suggest that the situation will be different this time because the price of vrude oil has increased due to attacks on ships in the Red Sea by the Houthi rebels in the Middle East over the past week. The increase in the price of crude oil will also affect the price of petrol and diesel in Pakistan.

In the international market, the price of petrol has increased from $83 to settle at 89 dollars in the last one week, while the price of high speed diesel has also increased from $93 to $97 per barrel. Crude oil price has also increased from $76 to $80 per barrel.

Experts stated that relatively low rise is expected in the price of petrol and diesel in Pakistan due to the stabilization of Pakistan rupee against the US dollar, otherwise the price of petroleum products could have increased more.