Pak's oil import bill could rise to $600 mln

Pakistan is bracing for a significant surge in its oil import expenses, with estimates suggesting a potential rise to USD 600 million monthly due to escalating conflicts in West Asia. Finance Minister Muhammad Aurangzeb highlighted this alarming projection during a recent briefing alongside Petroleum Minister Ali Pervaiz Malik and Sindh Chief Minister Murad Ali Shah. The anticipated increase in crude oil prices, which could reach USD 120 per barrel, is compounding the economic difficulties faced by the nation. In response, the government plans to seek relief from the International Monetary Fund regarding the petroleum levy and is urging fuel conservation measures among the populace. Amid these challenges, Pakistan has recently experienced a drastic hike in fuel prices, with petrol and high-speed diesel rates soaring by PKR 55 per litre, further straining the financial burden on citizens. The new prices have reached PKR 321.17 for petrol and PKR 335.86 for diesel, provoking widespread concern as families navigate high living costs, especially during Ramadan. Experts warn that these increases in fuel prices could trigger a second wave of inflation, further exacerbating the economic strain as transport and logistics costs rise, ultimately affecting the prices of essential goods.