Petrol Prices Expected to Increase as International Oil Prices Cross $100 a Barrel

Petrol Prices in Pakistan are likely to rise as international oil prices cross $100 a barrel on Thursday Russia invaded Ukraine. The international oil prices hit $105 a barrel on Thursday, the highest since September 2014, sparking concerns that a war in Europe may cause a global oil crisis due to disruption in supply.

Russia has launched a full-scale invasion of Ukraine and it is targeting cities with weapon strikes, Foreign Minister Dmytro Kuleba said in a Tweet. The Brent crude hit $105 a barrel for the first time since 2017 over fear of supply disruptions since Russia is the world’s second-largest oil producer, which mainly sells crude to European refineries, and is the largest supplier of natural gas to Europe, providing almost 35% of its supply.

Brent crude was up $8.15, or 8.4%, at $104.99 a barrel as of 1221 GMT, having touched a high of $105.79. U.S. West Texas Intermediate (WTI) crude jumped $7.33, or 8%, to $99.43. Brent and WTI hit their highest since August and July 2014 respectively.

Petrol Prices in Pakistan are expected to see the impact of the increase in the international oil prices at the start of March 2022 and if the conflict between Russia and Ukraine continues, these prices are expected to rise further as it would be out of the control of the Federal Government.

According to some sources, the Petrol Prices in Pakistan are expected to rise up to Rs. 225 per litre as international oil prices could jump to $125 a barrel, the highest in history. The hike in Petrol Prices will be out of the control of the Federal Government due to the Russia and Ukraine conflict.

Petrol Prices in Pakistan W.E.F 16 February 2022

It bears mentioning that Petrol Prices in Pakistan were increased by the Federal Government w.e.f 16 February 2022 due to rise in Brent crude rates. Petrol Price in Pakistan was increased by Rs. 12.03 per litre, while the Price of High-Speed Diesel (HSD) in Pakistan was raised by Rs. 9.53 per litre. Meanwhile, the Price of Kerosene Oil was increased by Rs. 10.08 per litre, while the Price of Light Diesel Oil (LDO) was raised by Rs. 9.43 per litre.

Read more: Dollar rate in Pakistan – Daily Updates.

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