Crude oil prices fall 4.5% in global market

Global crude oil prices continue to fall, with prices dropping by more than 4.5% in the international market.

According to the latest figures, US crude oil is now priced at $68.65 per barrel, while Brent crude has fallen to $71.52 per barrel. Abu Dhabi’s Murban crude is also down to $67.50 per barrel.

Although global oil prices have returned to the levels seen before the recent conflict in the Middle East, the Pakistani government has decided not to reduce local fuel prices. From next week, petrol will remain at Rs299.50 per litre, while high-speed diesel will stay at Rs311.47 per litre.

Experts say that based on current international oil prices, fuel prices in Pakistan could be lower. They estimate that diesel could be around Rs268.55 per litre, while petrol could be Rs256.52 per litre, even after adding taxes. However, no price cut has been announced.

Petroleum Minister Ali Pervaiz Malik said the government has already reduced diesel prices by Rs200 per litre and petrol prices by Rs155 per litre over time.

According to reports, oil companies asked the government not to reduce prices further, claiming they suffered losses of Rs104 billion because of previous fuel price cuts.