International oil prices have climbed back above $90 per barrel, giving the administration the perfect excuse to notify another increase in petrol and diesel costs in Pakistan in line with the global market.
Brent crude settled at $90.87 per barrel on August 17, gaining more than $2 amid renewed worries over oil supplies and escalating tensions surrounding the US-Iran war and the Strait of Hormuz.
The latest spike came after US President Donald Trump threatened military action against Oman if it obstructed US efforts in the region. Oman is involved in efforts to broker arrangements concerning Iran and Hormuz.
The renewed international oil shock could provide further upward pressure on Pakistan’s fuel prices. It are linked to international petroleum costs under the country’s pricing mechanism.
The government has already raised petrol and high-speed diesel costs sharply. On August 17, petrol was increased by Rs. 5.77 per litre to Rs. While diesel rose by Rs, 331.20. 6.47 to Rs. 390.42 per litre.
With international crude prices again above the $90 mark, consumers could face another rise if global prices remain elevated and the latest movement is reflected in the domestic pricing calculation.
However, the final impact on petrol and diesel costs will depend on the applicable international product prices, exchange rate and other components of Pakistan’s daily fuel rate mechanism.
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