Petrol, diesel prices likely to skyrocket with increase in dollar's value
The price of crude oil has increased with increase in dollar value
KARACHI (Dunya News) – Petrol and Diesel prices are likely to increase with the increase in dollar value as crude oil’s price increased by 44 cents in the international market due to increased dollar value.
Crude oil’s new price jumped to 58.43 dollars per barrel. In the British market, crude oil price jumped to 55.62 dollars due to one dollar increase in the price.
Oil export has also been affected due to dollar’s skyrocketed value which may cause the prices of petro and diesel to increase by 2 rupees next year.
On the other hand, dollar at interbank and open market reached to all-time high level as domestic currency dipped sharply on higher demand from importers while exporters sat back, waiting for suitable time to sell their proceeds.
Dollar made hatrick and rose sharply against rupee. Dollar made a low of 109.30 rupee, made a high of 111 rupee while close at 110.64 rupee.
READ: Pakistani rupee weakens further to reach 110.64 a dollar
During second day of the new week, dollar gained almost Rs 2.23 to Rs 110.64 while in the open market it rose by Rs 2.95 to Rs 112.25. since Friday it has gained almost Rs 5.14 and Rs 4.75 to a dollar in the interbank and open market.
After the statement from the State Bank of Pakistan, dollar rose on grounds of demand and supply situation and devaluation to help curb current account deficit numbers were enough for the market men to decide the course of the rupee, said an analyst.
