ISLAMABAD: Middle East Tensions Drive Surge in Global Oil Prices – Potential Petrol Price Hike in Pakistan
Escalating tensions in the Middle East have led to a sharp increase in international crude oil prices, with ripple effects expected to impact petroleum product prices in Pakistan.
In the global market, Brent crude rose by 5.79% in a single day, reaching $77.09 per barrel. Following reported U.S. and Israeli strikes on Iran, oil prices have climbed a total of around 10%, pushing Brent to $80 per barrel.
Energy experts warn that if the crisis prolongs and oil transit through the Strait of Hormuz is disrupted, crude prices could climb as high as $100 per barrel.
Analysts estimate that the current rise in global crude prices could result in the following potential increases during Pakistan’s next fortnightly price review (expected in the coming 15 days):
- Petrol: likely to rise by Rs 10–15 per litre
- Diesel: could increase by up to Rs 20 per litre
If Brent crude crosses and sustains above $80 per barrel, the hike in petroleum prices could reach as high as Rs 25 per litre.
