Daily The Business

Petroleum prices likely to increase by Rs 5-7

By Our Staff Correspondent

ISLAMABAD: Petroleum prices in Pakistan are likely to increase by Rs5-7 in the upcoming month, Dunya News reported on Friday. The surge in oil prices is expected as the rate of American crude oil has increased by $2.
The price of the American crude oil has increased up to $56.65 per barrel, and the rate of crude oil from England reached $64.52 per barrel after hiking by $2.
According to analysts, the devaluation of the Pakistani rupee against the greenback, and tensions between Iran and United States are the reasons behind the presumable increase in petroleum prices in Pakistan. Let it be known that the value of the US dollar has surged six percent against the Pakistani rupee so far in June.

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