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Islamabad: The government of Pakistan is likely to increase petroleum prices by up to Rs100 in the upcoming review, as global crude oil prices surged to a four-year high amid rising geopolitical tensions.
International oil markets witnessed a sharp rally after Brent crude prices climbed on concerns that escalating US-Iran tensions could disrupt supply routes in the Middle East and impact global economic stability.
According to market data, Brent Crude Oil futures rose by $4.28, or 3.63 percent, to $122.31 per barrel as of 0659 GMT. During intraday trading, prices touched $126.41, the highest level since March 9, 2022.
Market analysts said the surge reflects fears of a prolonged conflict that could trigger supply disruptions from the Middle East, pushing global energy prices further upward.
In Pakistan, officials are already reviewing the impact of rising international prices on domestic fuel rates. The country has seen sharp increases in recent months, with petrol prices rising from Rs265 per litre to Rs393 per litre over the last two months.
If the current upward trend in global oil prices continues, local petrol prices could potentially surge further and may reach as high as Rs500 per litre, according to early estimates.
The final decision will depend on global market movements and the government’s assessment of inflationary pressures and fiscal space in the coming review cycle.
