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Petrol prices likely to go up in Pakistan despite global oil price drop

Petrol prices are likely to go up in Pakistan despite the global oil price drop!

As being reported, a summary for new petroleum product prices for the first fifteen days of December 2021, is likely to be moved today.

Oil was at $86 per barrel last month when the government increased the prices of petrol and diesel.

Oil prices in the international market have dropped significantly by almost $10 a barrel.

Brent traded at $72.72 and WTI at $68.15.

The price of WTI Crude Oil in the global market was $80.76 per barrel while the price of Brent Crude oil was $82.43 per barrel last Wednesday.

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Since then, the prices have continuously decreased.

In wake of the international market prices,  Pakistani consumers expect that the recent drop in the world oil will be reflected in the petrol pump prices.

However, the government plans to increase the petroleum development levy (PDL) and as well has pledged an increase in the petrol dealers’ margin.

Sources suggest there is a possibility that fuel prices could go up in Pakistan instead of decreasing.

Prime Minister Imran Khan had decided not to increase the prices of petroleum products, on Nov 15.

NewsDesk

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