Crude oil saw an increase in the previous few weeks after a historic deflation in its price below 0 which indicates an increase in petroleum prices from 1st July. The prices oil was fraught with uncertainty due to the COVID-19 outbreak. The fluctuation in oil prices has driven an oil crisis into Pakistan as companies refused to sell it at such low prices. Economists predict that the government might fix the petroleum prices at Rs.30 per litre with an additional 17% tax and transportation margin. A price list will be sent to the government for further rates which are expected to be revised.
Pakistan has always faced difficulty to decipher the crude oil prices. The prices are highly fluctuating from over the years in every government. The oil prices increase in short just increase the drop in the prices seem to be non-permanent every time. This global fall in the commodity caused a massive drop in the oil prices in Pakistan. Consequently, this sudden rise results in speculations among Pakistani’s that the oil prices might increase in coming days or weeks.