The possibility of further reduction in oil prices in Pakistan under the influence of the global market
The prices of petroleum products in the global market further decreased.
According to international media, the price of Brent crude oil dropped 24 cents to $89.89 per barrel, while US crude oil prices dropped 17 cents to $85.22 per barrel.
It should be noted that at the beginning of this year, oil prices had decreased by about 11%, after which Brent crude oil reached 84 dollars 7 cents, and West Texas crude oil reached 82 dollars 31 cents. Prices were seen rising again.
According to the media report, after the extraordinary improvement in the value of the rupee and the decrease in the prices of petroleum products in the global market, a decrease in petroleum products is also expected at the local level. However, economists say that various elements determine the prices of petroleum products at the local level. So it is premature to say anything about the prices.