ISLAMABAD: Petroleum prices in Pakistan are expected to rise from March 1 amid increase in international fuel rates, sources said on Friday.
The price of petrol may see an increase of Rs4.58 per litre, while high-speed diesel (HSD) could rise by Rs4.73 per litre, sources said. They added that kerosene is likely to become more expensive by Rs6.88 per litre, and light diesel oil may go up by Rs5 per litre. In the previous fortnight review on February 15, the federal government raised the prices of petrol and HSD by Rs5 and Rs7.32 per litre, respectively.
Following the increase, the price of petrol currently stands at Rs258.17; whereas, the diesel rate is at Rs275.7 per litre. In the international market, oil prices rose about 3% on Friday as traders remained on alert for potential supply disruptions after the United States and Iran extended nuclear talks.
Brent crude futures advanced by $2.09, or around 3%, to $72.84 a barrel by 1422 GMT while US West Texas Intermediate crude was up $2.33, or around 3.6%, at $67.54.
The Brent and WTI benchmarks were trading at their highest since July and August, respectively, and poised to register weekly gains of 1.6% and 1.7%.”Uncertainty prevails, fear is pushing prices higher today,” said Tamas Varga, an oil analyst at brokerage PVM. “It is completely driven by the outcome of the Iranian nuclear talks and possible military action the US might take against Iran.”The US and Iran held indirect talks in Geneva on Thursday after US President Donald Trump ordered a military buildup in the region.
Oil prices gained more than a dollar a barrel during the talks on media reports indicating that discussions had stalled over US insistence on zero enrichment of uranium by Iran. However, prices eased after the Omani mediator said the two sides had made progress in the talks.
