(Digital Itla) In light of rising US-Iran tensions, renowned economist Farrukh Saleem has warned the Pakistani public regarding a potential spike in petrol prices.
Growing military tensions between the US and Iran, alongside fears of a wider Middle East conflict, have generated severe uncertainty in the global oil market. Consequently, petrol and diesel prices in Pakistan are expected to surge further.
At the start of July, Brent crude prices in the global market had dropped to around $70 per barrel. However, as war anxieties escalated, the price jumped to $85 per barrel within just two weeks—marking a substantial increase of roughly $15 per barrel.
Currently, after recent local hikes, petrol in Pakistan stands at Rs. 310.71 per liter, while High-Speed Diesel (HSD) is at Rs. 323.30 per liter. The government is also considering a daily pricing mechanism for petroleum products—similar to India's model—meaning global market shifts will directly impact local rates on a daily basis.
Discussing the situation on an ARY News program, economist Farrukh Saleem stated that global oil prices primarily depend on demand and supply. While global supply currently exceeds demand—which applies downward pressure on prices—geopolitical situations and "war premiums" remain the primary drivers behind sudden price spikes.
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