Oil cheaper in the global market; petrol likely to be cheaper in Pakistan

Karachi: A clear decline in crude oil prices has been seen in the global market over the past 11 days, which has increased the possibility of a decline in the prices of petroleum products in Pakistan.

According to data, US crude oil has become cheaper by $5.71, from $69.26 per barrel to $63.48. The price of British Brent is also trading at $65.98 per barrel, down from $71.70, after a decline of $5.72.

Economists say that if this trend continues at the global level, Pakistan’s import bill may decrease, and the public is likely to get relief in the next price adjustment—which is expected on August 15.