ISLAMABAD: A significant decline in crude oil prices has been recorded in the global market, as a result of which the price of Brent crude oil has reached its lowest level in the last four months, due to which a major decline in the prices of petroleum products is expected in Pakistan as well.
The cautious strategy of investors during business in the global energy market, concerns about a slowdown in the global economy, and a possible decline in oil demand continued to put pressure on crude oil prices.
Inflation remained higher than our expectations due to the increase in the prices of petroleum products, the Governor of the State Bank said.
The price of Brent crude oil in the international market fell by 73 cents, or 1.02 percent, after which Brent crude oil closed at $ 70.65 per barrel.
Experts say that continuous fluctuations in crude oil prices have been seen in the global market in recent weeks; however, the latest decline has brought prices to the lowest level in the last four months.
According to economic analysts, concerns about the slowdown in industrial activity in the world’s major economies, global trade uncertainty, and a possible decline in oil demand in the future have forced investors to adopt a cautious approach.
In addition, the possibility of increasing production by some oil-producing countries is also being cited as an important reason for the decline in prices.
Global oil prices are low; petrol prices in Pakistan should be reduced to Rs 225 per liter, Hafiz Naeem-ur-Rehman
Experts say that the recent decline in crude oil prices may provide financial relief to oil-importing countries, as there is a possibility of a reduction in import bills.
If this trend of price decline in the global market continues, it may also have a positive impact on the prices of petroleum products in different countries.
On the other hand, experts associated with the energy sector say that in the next few days, global economic indicators, policies of major oil-producing countries, supply and demand situation, and geopolitical situation will determine the direction of crude oil prices.
Investors are also focusing on these factors, as they could lead to further declines or stabilization in global oil prices in the coming weeks.
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