Saudi Arab Increases Oil Prices for August, Prices in Pakistan Likely to Go Up

Monitoring Desk: Saudi Aramco increased all its grades to Asia by $1 a barrel for August. Pakistan is a major buyer of Arab oil therefore, it will have a direct impact on petroleum prices in Pakistan.

Saudi Arabia raised pricing amid signs that energy demand is continuing to recover from its coronavirus-triggered collapse.

It raised U.S. pricing by between $0.20 and $0.40, with the Light grade hiked by $0.30 to a premium of $1.65.

Impact on Pakistan

Pakistan buys oil from OPEC countries, mostly from Saudi Arab. This price hike will have a direct impact on Pakistani petroleum prices. Market analysts said government is likely to increase petroleum prices for August by more than PKR 5 if dollar prices will remain in the range of PKR 164 and PKR 166.

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