The details of the possible increase in the prices of petroleum products have been revealed, the new prices will be announced on September 15
Petrol bomb likely to be dropped on WAM again, new prices to be announced on September 15. According to the details, the details of the possible increase in the prices of petroleum products have come out. According to Express News, the prices of petroleum products are likely to be increased again this week. From September 16, petroleum products may cost up to Rs 15 per litre.
It has been reported that crude oil has become expensive by 5 dollars per barrel in the world market during a week, which will have an impact on the prices of petroleum products in Pakistan as well. It has been reported that if the price of the dollar does not decrease further, the prices of petroleum products will have to be increased from September 16
On September 1, the price of petrol per liter was increased by 14 rupees 91 paise while the price of diesel was increased by 18 rupees 44 paise per liter, thus the new price of petrol became 305 rupees 36 paise while the new price of diesel became 311 rupees 84 paise. . According to the notification of the Ministry of Finance, the new prices of petroleum products were applied for the period from September 1 to September 15. On the other hand, according to foreign media reports, crude oil prices in the world market have gone above the level of 90 dollars per barrel, which is the highest level in the world market in 9 months.
It has been reported that British crude oil is trading at a price of more than 90 dollars while American crude oil is trading at a price of more than 87 dollars in the world market. It has been reported that the latest decision made by Saudi Arabia regarding oil production has further worried the countries worried about the rising oil prices in the world market. According to foreign media reports, Saudi Arabia has announced that the cut in oil production will continue until the end of this year.
Saudi Arabia has decided to extend the ongoing voluntary cut in its daily crude oil production for another 3 months till the end of December 2023. Sources from the Ministry of Energy of Saudi Arabia have confirmed that the kingdom's crude oil production will be around 9 million barrels per day in the months of October, November and December this year. According to Saudi sources, the cut in oil production will be reviewed monthly to consider deepening the cut or increasing production.
Saudi sources clarified that the production cut is in addition to the voluntary cuts announced by the kingdom in April, which will continue until the end of December 2024. The purpose of the additional voluntary cuts is to strengthen the precautionary measures adopted by OPEC Plus to help support stability and balance in the oil markets. It should be noted that the countries included in the OPEC Plus organization produce approximately 40% of the world's crude oil. It consists of the Organization of the Petroleum Exporting Countries (OPEC) and allied countries led by Russia. According to experts, the recent decision of Saudi Arabia to cut oil will have significant effects on the market. Experts are fearing that oil prices will go to the level of 100 dollars.