Oil becomes cheaper in global market

ISLAMABAD: According to the latest data, crude oil prices have decreased by another four and a half percent in the international market.

Despite this significant decrease, it has been decided to maintain the prices of petrol and high-speed diesel in Pakistan, which is causing concern in public circles.

According to the latest data from the international market, the price of US crude oil (West Texas Intermediate) has decreased to $68.65 per barrel, while Brent crude oil has decreased to $71.52 per barrel. Similarly, the price of Abu Dhabi benchmark Murban crude has also decreased to $67.50 per barrel.

According to economists, crude oil prices in the global market have once again reached the levels seen before the attacks on Iran.

Despite this, the government has decided to maintain the price of petrol at Rs 299.50 per liter and the price of high-speed diesel at Rs 311.47 per liter for the next fortnight.

According to the data, if the current price of Dubai crude oil, import costs, taxes and duties are taken into account, the price of high-speed diesel in Pakistan is about Rs 268.55 per liter, which is Rs 42 less than the current rate. Even after including the additional costs of imported ready-made diesel, there was scope for a reduction of at least Rs 16 per liter.

Similarly, the price of petrol is also about Rs 256.52 per liter, including all taxes, while even if the additional costs of imported ready-made petrol are included, the public could have been given a relief of about Rs 18 per liter. However, the government’s decision not to reduce prices has disappointed consumers.

Economists say that if crude oil prices continue to decline in the global market, pressure on the government to reduce the prices of petroleum products may increase in the coming days, as public expectations include passing on the benefits of lower global prices directly to consumers.