“If you look at the petroleum products in December receiving oil at $40 per barrel which now stands at $70 per barrel,” he said. The rise in rates of food and petroleum production ports in the international market have affected the domestic market, said Suleri.
The report added that the additional burden on the import bill would also add to fiscal challenges as the government has already lowered the petroleum levy to Rs13 per litre to maintain petroleum prices at current levels.