Global crude oil prices jumped sharply on Thursday, climbing over 4% after the United States imposed sanctions on Russian oil refineries, raising concerns over global supply disruptions.
The sanctions come amid escalating geopolitical tensions, targeting Russia’s energy exports a major source of global oil supply. Analysts say the move has forced major Asian buyers like China and India to seek alternative sources to avoid being cut off from the Western banking system.
Market Overview
| Crude Type | Previous Price | New Price | Change | % Change |
| US Crude Oil (WTI) | $58.7 | $61.0 | ▲ $2.3 | +4.0% |
| Brent Crude Oil | $62.6 | $65.3 | ▲ $2.7 | +4.3% |
Expert Analysis
“Oil markets are reacting strongly to the renewed US sanctions on Russia, which could tighten supply in the short term,” said a senior energy analyst at a Karachi-based firm. “Refineries in Asia, especially in India and China, are likely to face short-term disruptions until alternative contracts are secured.”
Local Economic Impact
Meanwhile, Pakistan’s energy policymakers are bracing for potential fiscal implications. As part of ongoing IMF negotiations, Islamabad is reportedly considering raising the Petroleum Development Levy (PDL) above Rs. 100 per liter in the next fiscal year to strengthen non-tax revenue.
| Fuel Type | Current PDL (Rs/Ltr) | Proposed PDL (Rs/Ltr) |
| Petrol | 78 | 100+ (Proposed) |
| Diesel | 77 | 100+ (Proposed) |
The IMF delegation currently in Islamabad is reviewing budget measures under the Extended Fund Facility (EFF) to help reduce circular debt and fund EV and power sector subsidies.
“The rise in oil prices could add new pressure on Pakistan’s fiscal position, especially if global rates remain elevated,” warned an official source quoted by The News.