ISLAMABAD: Following a sharp decline in global crude oil prices, petroleum product prices in Pakistan are expected to decrease in the coming weeks.
International crude oil prices have dropped by more than 7%, with US crude trading at around $80 per barrel and Brent crude at approximately $82 per barrel.
Global oil prices directly influence petroleum prices in Pakistan. The recent decline in crude oil prices has raised hopes of relief for consumers facing high fuel costs.
Prime Minister Shehbaz Sharif had earlier assured the public that any improvement in global market conditions would be passed on to the people. Speaking in the National Assembly, he said the recent conflict had placed significant pressure on Pakistan’s economy, but the government made every effort to shield citizens from the full impact of inflation.
The prime minister noted that the Pakistani people supported the government during the challenging period and reiterated that the benefits of improving global economic conditions would be transferred to the public.
Although crude oil prices remain above pre-conflict levels and oil production in parts of the Middle East may take months to fully normalize, global crude prices have fallen by more than 7% since reports emerged of a US-Iran agreement, increasing the likelihood of lower petroleum prices in Pakistan.
