In a startling development, it is anticipated that petroleum products in Pakistan will experience a substantial price hike of up to Rs. 15 per litre in the coming week.
This alarming increase in costs can be attributed to a recent surge in the global crude oil market, where prices have surged by $5 per barrel in just one week.
Sources from a private TV network have reported that this sharp increase in crude oil prices has ignited concerns of a potential new wave of inflation in Pakistan. The situation could worsen if the value of the US dollar remains stable or continues to rise.
Reports suggest that the price of crude oil in the Gulf market has skyrocketed from $88 per barrel to a staggering $93 per barrel. This unforeseen spike in oil prices has placed immense pressure on Pakistan's petroleum industry, which is now bracing for the impending price hike set to take effect from September 16.
Stay tuned for further updates as this developing story unfolds, impacting the daily lives and budgets of millions of Pakistanis.
