Possibility of increase in petroleum price at international level

ISLAMABAD: There is strong possibility of increase in petroleum prices at international level especially because of turmoil in oil exporting countries, says economist Dr. Saboor Ghayyur.

Talking to Radio Pakistan, prominent economist said it is impossible for developing country like Pakistan to sustain the increasing prices of oil at international level.

Commenting on the recent increase in oil prices in Pakistan, he added the government withdrew the petroleum prices after political pressure when it increased prices few months back but now the government will not be able to run affairs of the country smoothly in absence of income resources especially when RGST has also been delayed and the IMF has postponed the payments to the country.

Dr. Saboor said increase in petroleum prices will certainly affect consumers but the government has no other option except to increase petroleum prices. He said oil exporting countries are also gradually withdrawing the subsidies given on oil in existing international economic situation.

To a question, he said there is strong possibility of increase in petroleum prices at international level especially in the wake of situation prevailing in some oil exporting countries of Middle East and North Africa.