Prices of petroleum products are likely to rise sharply in Pakistan from July 1 as global crude oil prices have risen by 100 per cent.
According to the details of Baaghi TV, rising prices of petroleum products will have a direct impact on the poor and the salaried classes. The government is likely to increase the prices of petroleum products from July 1 next month.
Oil marketing companies that have created artificial shortages of petrol will now make millions of rupees in profits. It has been reported that the prices of crude oil in the world market have increased by 100%. Crude oil, which was available at US $20 a barrel two months ago, has risen to US $41.18 a barrel, more than double the price.
OGRA sends a summary for reduction in petroleum prices
The increase in the prices of petroleum products in the world market will have a direct impact on the people.
Sources said that Oil and Gas Regulatory Authority (OGRA) will send a summary of increase in prices of petroleum products in the last week. However, the government has announced to fix petroleum levy at Rs 30 per liter in the budget. Similarly, 17% sales tax and rate margin will be collected in addition.
Rise in oil prices will result in inflation, which will have a direct impact on the working, middle and salaried classes.
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Inflation to be controlled following reduction in petroleum prices: PM Khan
On the other hand, oil companies have created an artificial crisis of petrol. This has created a shortage of petrol at petrol pumps. The Prime Minister is also taking action against those who have created artificial shortage of petrol.
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