Lahore – The recent rise in crude oil prices is proving to be a major test for economies around the world. The 8 to 11 percent increase in oil prices in the global market has raised serious concerns about supply. In the current situation, the price of WTI is set at $111.5 while Brent crude is set at $109 per barrel.
This situation has raised concerns among Pakistani consumers. According to economists, the impact of the increase in the prices of petroleum products is not limited to vehicle fuel but also directly affects the prices of gas, electricity and essential commodities.
Key impacts:
Transport: The increase in fares will make the transportation of goods more expensive.
Electricity: Electricity bills are expected to increase due to the increase in the price of furnace oil and gas.
Industrial production: The purchasing power of the common man will be affected by the increase in manufacturing costs.
Experts have urged the government to urgently consider measures such as tax cuts or subsidies to protect the public from these effects of the global market.
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