Global Crude Oil Price Surge
Global crude oil prices have been climbing for nearly two weeks, raising concerns of another hike in Pakistan’s fuel rates as the Oil and Gas Regulatory Authority (OGRA) prepares its next review on August 31.
British Brent crude gained $1.60 per barrel in the past 13 days, moving from $65.85 to $67.47. Similarly, American crude oil increased by $1.64 per barrel, rising from $61.98 to $63.62. This consistent surge in international markets is expected to influence petroleum product prices in Pakistan in the coming days.
Current Petrol and Diesel Prices in Pakistan
The Shehbaz Sharif-led government last adjusted fuel rates on August 16, citing rising import costs and currency pressures. At that time, the price of super petrol jumped to Rs264.61 per litre, while high-speed diesel reached Rs272.99 per litre. The upward revision highlighted Pakistan’s continued vulnerability to global oil shifts and domestic financial instability.
Upcoming OGRA Review
OGRA will submit its next price review summary to the government on August 31. Officials confirm that any change in global crude values will directly shape Pakistan’s local fuel rates. With prices already burdening households and businesses, consumers brace for another possible increase.
Impact on Pakistan’s Economy
Analysts warn that prolonged hikes in global crude may worsen inflationary pressures in Pakistan, especially in transportation and agriculture sectors. Rising diesel prices raise production and logistics costs, while higher petrol prices reduce consumer purchasing power. Both factors together risk slowing economic activity further.
Global Oil Market Factors
Globally, oil prices remain sensitive to supply constraints, OPEC+ decisions, and geopolitical developments in the Middle East. Currency fluctuations in developing countries like Pakistan add another layer of vulnerability, amplifying the impact of international trends on domestic fuel costs.
Government’s Challenge Ahead
The government faces the dual challenge of managing inflation and maintaining fiscal stability. Policymakers emphasize that Pakistan, as an oil-importing country, has little choice but to pass on global market changes to local consumers. Unless international oil prices stabilize, fuel costs at home may continue rising.
