Massive 9 Percent Decline Recorded in Global Crude Oil Prices; UK Brent Crude Slumps to $93.67 Per Barrel While Domestic Petroleum Rates Witness Consecutive Reductions
INTERNATIONAL MARKETS: The overall crude oil market had a dramatic and substantial decline, with the global oil benchmarks down by a substantial 9 per cent. According to international news agencies, UK Brent crude plunged down to $93.67 per barrel, while US West Texas Intermediate (WTI) crude prices similarly retreated to hover around $87 per barrel.
Domestic Relief: For the third straight day, the price of petroleum products has been reduced in Pakistan, domestically.Key Highlights of Global Oil Price Plunge and Local ImpactDomestically, Pakistan has seen successive reduction in petroleum prices for the third consecutive day. The federal government also lowered petrol price by Rs 7.06 and high speed diesel price by Rs 3.71 per litre.New Retail Fuel Rates: Petrol will now be priced at Rs 362 per litre and high speed diesel at Rs 387.81 per litre, after the latest hike.Overall, petrol prices have fallen by Rs 15.91 and diesel prices have fallen by Rs 15.15 per litre since Monday.