A significant increase is likely in petroleum prices in Pakistan from June 16, in line with a huge hike in the prices of crude oil in the global market following Israeli attacks on Iran.
Oil prices jumped more than $4 a barrel on Friday, hitting their highest price in almost five months after Israel struck Iran. Brent crude futures jumped $4.60, or 6.63%, to $73.96 a barrel by 0612 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude was up $4.99, or 7.33%, at $73.03 a barrel after hitting a high of $77.62, the loftiest since January 21.
Based on the price hike in the international market, an over Rs 10 per liter increase is expected in the prices of petrol and diesel from June 16, while from 1st July the prices will go further up as the government has announced a Rs. 2.5 per liter carbon levy and some other taxes on the petroleum products in the new fiscal year budget to be in effect from next month.
It should be noted that in the past few months, oil prices have witnessed a significant decrease in the international market; however, the government of Pakistan did not pass this relief on to the public.
