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Rising global oil prices to fuel local troubles

Rising global oil prices to fuel local troubles Uptrend may increase inflation, import bill and widen fiscal deficit in economy Informal talks between ministers are set to take place on Saturday. PHOTO: REUTERS KARACHI: The international oil prices are rapidly rising in global markets. The uptrend in the global commodity is likely to give birth to new challenges in the domestic economy including increase in inflation, surge in import bill and widen fiscal deficit. The international benchmark crude oil Brent increased 28% since December 2020 and hit a one-year high of over $66.5 per barrel on Monday and continued to move around $65-66 per barrel on Tuesday. Majority of the global and local research houses have projected the oil price to maintain its uptrend and hit $70 per barrel ahead of the return of summer season when demand peaks every year.

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