Global Oil Prices Soar to Peak Levels Amid Middle East Tensions; Brent Crude Reaches $107 While US Crude Crosses $95 Per Barrel
ISLAMABAD : International oil markets have jumped to new highs as a result of continuing geopolitical tension and war in the Middle East.
International commodity markets have British Brent Crude now above the $107 mark and U.S. West Texas Intermediate (WTI) crude over $95 per barrel due to growing concerns about supply disruption.
Highlights of the recent surge in global oil followed by local fuel price adjustments:Highlights of recent surge in global oil followed by local fuel price adjustments:
Petroleum benchmarks have been under tremendous pressure from heavy buying in the international market in response to the continuing regional conflict and maritime security concerns in the major oil transit routes.
Domestic Price Adjustments: Unlike the global economy, the federal government unveiled a relatively small relief plan for domestic consumers. The official notification released by the Oil and Gas Regulatory Authority (OGRA) has announced that petrol had been lowered by Rs2.71 per liter, bringing the new petrol price to Rs392.66 per liter.
High-speed diesel: On the other hand, high-speed diesel also received a small cut of 3 paisa a litre, making consumer price of the fuel at Rs396.82 per litre.
The revised domestic petroleum prices have officially been effective from October 14, OGRA confirmed.