The ongoing US-Iran conflict has led to a significant surge in global oil prices, with Brent crude oil reaching an all-time high of $111 per barrel. The price of US crude oil has also increased to $115 per barrel, while UAE crude oil is being sold at $119 per barrel.
The escalating tensions in the Middle East have led to a rise in the prices of various benchmark markers. The Ministry of Commerce has reported that Pakistan’s textile imports have seen a monthly increase due to the conflict.
Pakistan’s currency value has also appreciated against the Iranian rial, taking advantage of the ongoing conflict in the region. In response to the rising prices of LPG, the government has announced a crackdown on dealers and shopkeepers who are selling the fuel at exorbitant prices.
Consumers have complained that a kilogram of LPG is being sold at an additional 200 rupees above the government-set price, with prices reaching as high as 530 rupees per kilogram in the district.
The Pakistan Stock Exchange (PSX) has seen a decline in the 100-index, falling to 150,398 points in the last trading session. Vice Chairman of the All Pakistan Petrol Pump Association, Noman Butt, has expressed concerns over the increase in prices of petroleum products.
The Federal Bureau of Statistics (FBS) has released its weekly report on inflation, which shows that prices of petroleum products have increased by 48.61% and 101.18% respectively in the last year.
Pakistan is expected to receive a significant amount of foreign aid from two friendly countries, exceeding $5 billion. The government has announced that gas supplies will be suspended from 10 am to 12 pm today.
The ongoing conflict has raised concerns about the global financial balance, with a leading American magazine warning of the potential risks. US Vice President, Mike Pence, has expressed confidence that a response from Iran will be received before 8 pm tonight.
The Saudi Arabia has shown restraint despite the provocative actions, according to a report from the Commanders Conference.
