Oil, Gas Prices expected to rise by 10% – Research Snipers

Oil, Gas Prices expected to rise by 10%

The prices of petrol and gas may increase as the price of rupee has fallen against US dollar. This fear has been voiced by an association of compressed natural gas (CNG) dealers

All Pakistan CNG Association central leader Ghiyas Abdullah Paracha warned that “The dollar’s strength will increase poverty and jack up costs of all projects including the economic corridor.”

He informed that as energy is the largest import commodity in Pakistan, increase in dollar rate would increase energy prices as well that are already getting high in the global market.

Also read: High oil prices increase inflation by 3.8%

He cautioned that “The price of oil and gas will be increased by 7-10% if the rupee continues to fall … it will damage industrial and agricultural production and affect almost every citizen of the country. The decision to let the rupee weaken should be taken back.”

Paracha expressed his views openly saying that rupee rate is being compromised just to get in good books of the International Monetary Fund (IMF). He was of the opinion that the exporting industries should improve their own competitiveness, instead of seeking help from the government. Moreover, he stressed that the economic issues of Pakistan will need structural reforms.

Now if this happens and gas, oil prices are increased it will be disastrous for the general public of Pakistan. Already the public is suffering from huge gas bills and expensive oil prices, this will further aggravate the situation.