New York:
According to the details, the situation of increase in crude oil prices in the world market has become alarming. According to media reports, the price of a barrel of crude oil in the global market is currently trading at a three-year high.
In just one day, crude oil prices rose 3%, with Brent crude rising 2.12 to .7 75.72 dollar a barrel. It has been reported that this price of crude oil is the highest price in any year after 2018. Earlier in 2018, the price of crude oil had reached the level of 77 77 per barrel, while due to the Krona crisis, the price of US crude oil in 2020 fell below the level of 0 0 per barrel for the first time in history.
However, due to the increase in trade activities around the world and the decline in oil production by oil-producing countries, market oil prices have continued to rise. It has been reported that the sharp rise in crude oil prices in the global market will affect many countries, including Pakistan, which depend on imports for their energy needs.
The prices of petroleum products in Pakistan have already reached the highest level. The federal government had yesterday increased the price of all petroleum products, including petrol, by more than Rs 5 per liter. Petrol is currently available in Pakistan at a price of more than Rs 123 per liter. The price of petrol in the country has never reached such a high level. According to economists, if the prices of petroleum products rise further in Pakistan due to the sharp rise in crude oil prices in the global market, then inflation in the country will become more uncontrollable.
