Escalating tensions in the Middle East have led to a significant increase in global crude oil prices, raising concerns about a potential rise in petroleum product prices in Pakistan. Market uncertainty has created pressure on investors and oil importing economies.
In the international market, Brent crude rose by 5.79 percent in a single day to reach 77.09 dollars per barrel. Following US and Israeli strikes on Iran, crude oil prices recorded an overall increase of nearly 10 percent, pushing the price to 80 dollars per barrel.
Experts warn that if the crisis prolongs and oil shipments through the Strait of Hormuz are disrupted, crude oil prices could surge to 100 dollars per barrel, placing additional strain on the global economy.
Energy analysts state that due to the rise in global oil prices, petrol prices in Pakistan could increase by 10 to 15 rupees per litre in the upcoming fortnightly review, while diesel may become costlier by up to 20 rupees per litre. If crude oil prices exceed 80 dollars per barrel, fuel prices could rise by as much as 25 rupees per litre.
