In a welcome relief for Pakistan’s consumers, global oil prices in the international market have witnessed massive decline paving the way for expected substantial cuts in petrol and diesel prices in the first fortnight of December.
The caretaker government on November 15 had previously lowered the price of petrol by Rs2.04 per litre, diesel by Rs6.47 per litre, kerosene oilby Rs6.05 per litre and light-speed diesel by Rs9.01 per litre.
The international market, particularly Russian crude oil, has experienced a notable downturn, with the per barrel price dipping below $60. Reports indicate that the European Union has established a new standard for Russian crude oil at $60 per barrel. Concurrently, the British Brent has observed a one percent decrease, currently trading at $80.58 perbarrel.
Despite the slight decline in Brent, the Russian crude’s market value remains even lower than the newly set benchmark. The decline in crude oil prices parallels fluctuations in equities,influenced by factors such as China’s industrial profits slowing down, posing potential risks to the world’s largest crude importer.
