Government likely to raise diesel, petrol prices in April: Observers

The government is expected to raise petrol and diesel prices in April. Petroleum and Diesel product prices are expected to increase by 3 – 5 Rupees in the coming month, according to market observers.

Rising crude oil prices, coupled with rupee depreciation are expected to result in a price hike at local markets. Crude oil prices in international markets continue to soar amidst Middle Eastern tensions and rising global demand. During the month of March alone, Crude oil prices have risen by $5 per barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $65.20 a barrel, at 0408 GMT, up 3 cents from their previous settlement.

Brent crude futures were at $69.44 per barrel, down 3 cents from their last close.

Oil prices have staged a rebound in the international markets during the last 8 months. WTI prices on March 1^st were at $ 61.01 per barrel, on the other hand, Brent prices were at $63.84 per barrel. In tandem with the international prices, in Pakistan, since August 2017 Diesel prices have risen by 21 rupees whereas, during the same period, petrol prices have gone up by 18.50 rupees.