Following a rise in the crude oil’s price in the global market, the prices of the petroleum products in the country are expected to increase from July 1.
According to the details, the price of crude oil, which was $20 per barrel in the global market two months ago, has increased to $41.18 per barrel, showing an over 100% increase in the price of the commodity.
It is pertinent to mention here that the international price of oil has been volatile since the novel coronavirus (COVID-19) gripped the world. During the pandemic, a historic low in the international price of oil has been noticed when it dipped below zero.
In Pakistan, the volatility in international prices of oil turned into an oil crisis as several oil companies of the country have stopped selling petrol to create an artificial oil crisis and long queues were seen at the few pumps where the fuel was available.
The Oil and Gas Regulatory Authority (OGRA) will send a summary of the prices to the federal government of Pakistan by the end of this month after which the prices of petroleum products are expected to be revised.