ISLAMABAD: The ongoing crisis between Russia and Ukraine is likely to disturb the rate of crude oil in the international market, thus having have a snowball effect on the oil prices in Pakistan too. It is now speculated that another hike in petroleum products’ prices is just around the corner.
The Russia-Ukraine crisis has started to accelerate as Russia has deployed over 100,000 of its soldiers on the Ukrainian border. The oil prices have subsequently hiked to $94 per barrel from $85 per barrel. The mild appreciation in the rupee’s value and the alarming war-like situation could cause an increase of Rs 12.33 per litre in petroleum products in Pakistan.
The changes may apply from February 16, with general sales tax and petroleum levy included.
The situation could mean that the high-speed diesel could hike by Rs10.02, light diesel by Rs9.43 and kerosene oil by Rs10.08.