Spokesman Report

ISLAMABAD: The prices of petroleum products are expected to witness huge increase for the next half of March as crude oil rates have gone up in the international market following Russia’s attack on Ukraine. Sources said the price of petrol might move to Rs180 per litre mark for the first time in history, as the rising international market rates might prompt the government to increase the price of petrol. The price of crude oil was around $94 a barrel on 16 February and Russia’s invasion of Ukraine has pushed prices past $100 a barrel for the first time since 2014.

On Wednesday, Oil and Gas Regulatory Authority (OGRA) chairman had signalled another hike in the prices of petroleum products from March 1, 2022. OGRA chairman Masroor Khan was speaking in a meeting of the National Assembly (NA) standing committee on petroleum hinted at another oil price hike from March 1, 2022. He said that the price of oil has increased unprecedentedly in the last twelve weeks.

Brent surged to $100.04 a barrel after the announcement, as concerns grew about a full-scale conflict in eastern Europe. WTI hit $95.54. The threat of a conflagration had fanned concerns over supplies of key commodities including wheat and metals just as demand rallies owing to the reopening of economies after pandemic lockdowns. Crucially, oil had soared in recent weeks and on Thursday world benchmark Brent finally broke the $100 mark last seen in September 2014.