ISLAMABAD: Oil prices are expected to increase by Rs5 for the next month as a result of the swelling crude oil prices in the international market.
In an apparent backlash of the falling value of Pakistani rupee against the US dollar in the local market and an increase of crude oil prices in the international market, the Oil and Gas Regulatory Authority OGRA) is expected to raise the prices of petroleum products by Rs5 per litre for the month of May.
According to media reports, oil prices in international market are at its peak now, moreover, the recent increase in the price of crude oil is due to the reduction of oil resources in the USA. However, a final decision in this regard would be announced by OGRA.
It is worth mentioning that the government had reduced the oil price by Rs2 last month, however, an increase for the month of May would apparently be disastrous owing to the month of Ramzan starting from around May, 17th.