Major Relief Expected: Falling Global Oil prices may slash Petrol Prices in Pakistan

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 decrease in oil demand continued to pressure crude oil prices.

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 in recent weeks, continuous fluctuations in crude oil prices have been seen in the global market, however, the latest decline has brought prices to the lowest level in the last four months.

According to economic analysts, fears of a slowdown in industrial activities in the world’s major economies, global trade uncertainty and a possible decrease in oil demand in the future have forced investors to adopt a cautious attitude. Apart from this, the possibility of increasing production by some oil-producing countries is also being cited as a major reason for the decline in prices.

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 various 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 situations will determine the direction of crude oil prices.

Investors are also focusing on these factors, because based on them, there may be a possibility of further decline or stabilization in oil prices in the global market in the coming weeks.