HIGH OIL PRICE & ITS EFFECT

The high price of oil is very badly effect the economy of a country because in today modern world use of oil and its products are very common. If we look around us the main use of oil is in transport sector every type of material we use reached us after transporting here and there. Consequently the price of commonly use of things are high and effected the economy because the price is out of reach of people. Particularly in our country the situation is going worst because we produce only 29% of oil of our use and remaining is imported because of international trade is in dollars therefore deficiency in rupee also plays its role and as a result oil prices become very high. In power sector use of oil to produce electricity is also effect our economy .In brief we can say that high oil price very badly effect the economy but we can reduce it to a large extent by increase our oil production and also decreasing dependence of power sector on it.

ZUBAIR HANIF

ROLL#58