Petrol-Diesel Price / Crude oil will play in Pakistan - Gulf countries' plan successful

The objective with which the Gulf countries had announced the reduction in crude oil production seems to be succeeding. Crude oil prices of Gulf countries have reached $87 per barrel. Due to which the prices of American oil are also on the rise. Now its effect has started being visible in Pakistan. There is news that soon the price of petrol and diesel may increase in Pakistan.

Vikrant Shekhawat : Mar 31, 2024, 08:21 AM

Petrol-Diesel Price: The objective with which the Gulf countries had announced the reduction in crude oil production seems to be succeeding. Crude oil prices of Gulf countries have reached $87 per barrel. Due to which the prices of American oil are also on the rise. Now its effect has started being visible in Pakistan. There is news that soon the price of petrol and diesel may increase in Pakistan.

Elections are over in Pakistan. The new government now seems to be in no mood to provide relief to the common people. Pakistan has almost no foreign currency. In such a situation, it has become very difficult for Pakistan to import expensive crude oil. Due to which it has become necessary for the government to increase the prices of fuel.

On the contrary, elections are yet to be held in India. The results of India's Lok Sabha elections, which are among the biggest elections in the world, will come in the first week of June. In such a situation, there is no sign of increase in the prices of petrol and diesel in India. At the same time, India has no dearth of foreign exchange reserves. This does not mean that fuel prices will be reduced in the meantime.

The way the prices of crude oil are rising in the international market, keeping the prices of petrol and diesel stable is a matter of great relief for the common people. According to experts, if the price of crude oil crosses $90 per barrel after the elections, then the new government can give the green signal to increase the price of fuel. Let us also tell you what kind of news is coming out regarding fuel prices. What are the prices of petrol and diesel in India?

There may be an increase in Pakistan

Geo News reported on Saturday that common people in Pakistan may soon have to face increase in petroleum prices. Due to the rise in crude oil prices in the international market, the price of petrol is going to increase by about 10 PKR per liter. Oil industry estimates have shown that the price of petrol may increase from the current rate of PKR 279.75 per liter to PKR 289.69 per liter in the coming 15 days review. According to the report, the price of high-speed diesel (HSD) will reduce by PKR 1.30 per liter to PKR 284.26 from its current rate of PKR 285.86 per litre.

Drop in price of high speed diesel

Due to reduction in the price of High-Speed Diesel (HSD) worldwide, its price will also reduce in Pakistan. Globally, HSD prices have fallen to US$98 per barrel in recent weeks, down from US$99 per barrel in the first fortnight of March. This decline is expected to reduce prices for domestic consumers by more than one rupee. During the last bi-weekly review, petrol prices remained stable, while the price of high-speed diesel (HSD) saw a decline of PKR 1.77 per litre.

No change in petrol price in India

On the other hand, there has been no change in the price of crude oil, petrol and diesel in India. On March 15, petroleum companies had reduced the prices of petrol and diesel by Rs 2 per liter. After which the prices have been kept frozen continuously. Earlier, fuel prices were completely frozen till May 2022. According to a report, petroleum companies may suffer a profit loss of Rs 30 thousand crore in a year due to a cut of Rs 2. Before March 15, a statement had come from the Petroleum Minister that the prices of crude oil were increasing due to geopolitical tension. The cost of shipments has increased due to Houthi rebels in the Red Sea.

Petrol and diesel prices in major cities of the country