A meeting chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar decided on adjustments in petroleum product prices.
The meeting conducted a detailed review of the country’s petroleum reserves and global oil market prices. Recommendations presented by the Ministry of Petroleum were also considered.
Government sources indicated that the changes in petroleum prices are likely to take effect tonight.
Discussion was also held on adopting appropriate domestic strategies in view of fluctuations in global oil prices.
It is noteworthy that crude oil prices in the global market continue to rise sharply, with Brent crude exceeding $91 per barrel.
Statistics show that on 27 February, crude oil in the international market was approximately $73 per barrel; however, within just one week, the price rose by up to $18 per barrel.
Concerns have been expressed about further volatility in global oil prices.
Qatar has warned that crude oil could reach $150 per barrel within two to three weeks. The Energy Minister said that if the Strait of Hormuz is closed, a significant rise in oil prices is likely.
Kuwait has halted crude oil production in some oil fields. Kuwait is a key member of the global oil organisation Opec
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