ISLAMABAD: Global crude oil prices went down on Tuesday, raising hopes that petrol and diesel prices in Pakistan might go down when the government reviews fuel prices every two weeks.
In the market, Brent crude oil fell by 75 cents or 1.03% to $72.40 per barrel, while US West Texas Intermediate (WTI) crude oil dropped by 47 cents or 0.66% to $70.05 per barrel. UAE’s Murban crude oil stayed close to $67 per barrel.
Market experts think that the decline in oil prices is because people expect the United States and Iran to talk in Doha, Qatar. “When investors heard this, they felt better that there might be less tension in the region. This made them less worried about oil supplies getting disrupted,” they said.
Global oil prices could drop further if things in the Middle East improve and oil supply stays stable. That’s according to Tim Waterer, Chief Market Analyst at KCM Trade.
If world crude prices don’t change much or fall further, Pakistan might get some respite from surging fuel prices once the government decides on whether to increase them again.
It will take a call based on the recommendations of the Oil and Gas Regulatory Authority (OGRA) and other financial factors.
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