The price of petroleum products in Pakistan is likely to increase sharply following the Russian invasion of Ukraine. Following the Russian invasion of Ukraine, prices for petroleum products in Pakistan are reasonable to rise by Rs. 9.59 liters from 1 March. Prices for all products will increase by Rs.9.59 a liter from 1 March 2022. Before this, the government increased the prices of petroleum products by Rs. 12.03 liters. Moreover, on 16 February, the cost of crude oil was $ 94 per barrel, but the number dropped to the $ 100 mark for the first time since 2014 due to the Russian invasion.
Increase in price of petroleum products :
According to industry experts, when Russia invaded Crimea in 2014, it raised funds for petroleum products. They believed that the US also had shale oil, but it was expensive, and the US might try to bring it to market to hurt Russia’s currency. It is also speculated that the United States could rescind sanctions against Iran. This will allow the country to sell oil on the world market, which will reduce the price to $ 65 a barrel. However, it is highly unlikely due to complex relationships.
The price of petrol will go up :
If the current state of petrol prices is not resolved in one way or another, we could see the price rise to $ 125 per barrel. In such cases, the cost of petrol in Pakistan could increase to Rs. 200 liters. This will put the people of Pakistan under pressure and directly impact those living under the belt. The price of petrol will likely increase to Rs. 169.45 liters and the cost of diesel will rise by RS. 8.52 liter, making the figure Rs. 162.67 liters.
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