Islamabad:
Prime Minister Shehbaz Sharif has trained a committee of 16 members to monitor the impact of oil prices volatility following the attack on Israel against Iran, a large oil producing country.
Friday, a notification published by the Ministry of Energy said that there had been a sudden peak in oil prices on the international market after the start of the Israel-Iran conflict.
According to notification, the Committee – to be convened by the Minister and Finance – includes oil, the Ministers of Power, the Minister of State for Finance as well as the Governor of the State Bank.
The Committee will closely monitor the prices of the benefits / term contracts of petroleum products and the predictability of the supply chain for the current conflict in the region.
It will also determine the Forex implications of short and medium -term price volatility and will suggest a plan if necessary – to ensure that there is no disturbances of the offer and that the market is well provided.
He will also carry out a detailed analysis of the budget impact, in the event of prolonged conflict. The Committee can cooperate any other member deemed necessary for the satisfaction of its mandate.
“The oil division will provide secretarial support to the Committee. The committee submits its recommendations every week when reading the Prime Minister,” he added.
Fuel price
Consumers are preparing for another increase in fuel prices, as estimates suggest that high -speed petrol and diesel rates (HSD) can increase in the next bimonthly review, widely driven by an increase in international oil prices.
According to official sources familiar with the price structure, petrol should see a marginal increase of approximately RE1 per liter, while the price of high -speed diesel could increase by approximately RS5 per liter.
The changes would apply from June 16 to June 30, with the final decision to be taken on the basis of import costs calculations on June 15.
Currently, the ex-petrol prix is located at Rs252.63 per liter. Widely used in motorcycles, ripens and private cars, any change in petrol price has a significant impact on spending on average and average income groups.
Meanwhile, the ex-deputy price of HSD is RS254.64 per liter. Diesel feeds most of the Pakistan heavy transport sector, including trucks, buses, tractors and agricultural machines such as batteries and tube wells.
Given its wide use in agriculture and freight, an increase in the price of diesel generally triggers inflation between food supply chains.
