Petrol prices in Pakistan could face further pressure as international crude oil prices remain above $100 per barrel amid rising tensions in the Middle East. However, there is no official confirmation that petrol will reach Rs. 500 per litre.
On Wednesday, October 14, Brent crude traded at around $106.37 per barrel, while US West Texas Intermediate (WTI) stood at $94.72. Prices increased as concerns grew over attacks on ships passing through the Strait of Hormuz, a major route for global oil shipments. Iranian officials told Reuters that their forces were adopting new tactics to increase attacks on vessels.
Phillip Nova analyst Priyanka Sachdeva warned that Iran’s position around the strait could keep oil prices high and add pressure to the global economy.
However, additional supplies could ease some of this pressure. Saudi Arabia is planning to increase its oil export capacity through pipelines, including a temporary expansion expected to add 1.2 million barrels per day within seven to eight weeks.
In Pakistan, petrol was priced at Rs. 398.30 per litre under the government’s October 10 to 12 rates. Any further increase will depend on international oil prices, the rupee-dollar exchange rate, taxes and the government’s pricing decisions.
