The price of crude oil has witnessed a significant increase of 500 rupees per gallon, reaching 1700 rupees per gallon. Chairman of the Cotton Growers Forum, Ihsan ul Haq, stated that there is a growing trend of rapid price hikes in crude oil, primarily due to the ongoing Middle East tensions and the suspension of crude oil imports. He further added that the suspension of imports has led to a surge in crude oil prices. In contrast, a slight improvement was observed in the prices of Senses in India. Ihsan ul Haq attributed the price hike to the increase in the cost of polyester and limited availability of standard crude oil.
On the other hand, a 1% increase was observed in the global market prices of oil, with Brent crude oil being sold at 105 dollars per barrel and WTI crude oil at around 100 dollars per barrel. According to the announcement, a new strategy has been adopted, focusing on three key sectors. The 100 Index closed at 1,50,016 points on the last day of business.
The ongoing war in the Middle East is having a significant impact on crude oil prices in Pakistan. Despite the tensions in the region, a significant increase was not observed in the global market prices of gold. According to experts, this is an unusual situation. In a statement, it was mentioned that the current account surplus of Pakistan reached 427 million dollars by the end of February: Ministry of Finance.
Pakistan’s entire currency market witnessed a significant increase in gold prices for the third consecutive day. The State Bank of Pakistan has released data on foreign investment. About 20% of the world’s oil passes through the Strait of Hormuz, and the tensions have affected the supply of oil, putting Asiatic countries under immense pressure. The global market price of gold has decreased by 18 dollars to 5000 dollars per ounce. The authorities stated that they had delayed two cargo shipments for the year, and the supply of LPG from Qatar has been completely stopped since March 2.
The Secretary of Petroleum stated that the supply of petroleum has been affected due to the tensions in the Middle East. The 100 Index closed at 1,53,866 points on the last day of business last week. A slight improvement was observed in the prices of Senses in India. For the third consecutive day, a significant decrease was observed in the price of gold in Pakistan’s entire currency market.
DG ISPR stated that the Afghan Taliban used drones against Pakistan, which were provided by India. Several regions in Israel were targeted by Iranian missiles. In a statement on Instagram, Usman Khawaja shared the news of the birth of his third daughter, Amira Maya, on March 13.
The Israeli President described the new Iranian ballistic missile as a significant challenge. Russia has sent a condolence message to Ali Larijani, the Chief of the Iranian National Security Council, on his passing. According to the official news agency, a large number of government officials, military leaders, and members from various sections of society attended the funeral.
