Web Desk (LTN NEWS): The Prime Minister will announce the good news of a reduction in oil prices. The weekly change will provide immediate relief to the people of Pakistan.
Experts in the petroleum sector say that Prime Minister Shehbaz Sharif will be in a position to give the good news of a reduction in oil prices to the Pakistani nation on August 15 if the trend started a week before the decline in global crude oil prices continues.
Yasir Raza Chaudhry, a senior official of the Pakistan Petroleum Dealers Association, has said that in 48 hours, the government will decide on a weekly review of petroleum prices, petrol-diesel prices change every hour in Europe, Pakistani people will be able to get immediate relief.
After meeting with the officials of the Ministry of Petroleum, he said that on August 4, crude oil prices around the world reached the lowest level of this year. The price of American oil WTI (Western Texas Intermediate) has started trading at 88 dollars per barrel for the first time in eight months. European Brent fell to $92 per barrel on August 4. In the OPEC basket, which has more than 20 oil-producing countries, the oil prices of these countries dropped to 91 dollars per barrel on Thursday, August 4.
Russian oil has started selling at 91 dollars per barrel while Russia has announced to increase in its oil production by another 100,000 barrels per day to stabilize the global market. This week, the world prices of crude oil started to decrease continuously, which decreased from 104 dollars per barrel to 88 dollars and 91 dollars per barrel.
Saudi Arabia, Kuwait, Qatar, UAE, Iran, Malaysia, Indonesia, and more than 20 countries in Africa, the price of OPEC has decreased from 104 dollars to 91 dollars per barrel.
The price of the American currency dollar, reached 248 to 252 rupees in the open market, on Thursday, August 4, the dollar continued to be available in the open market up to 220 rupees. The increase in the value of the rupee and the decrease in the global oil prices from 104 to 91 dollars per barrel will have a positive effect on the prices of petrol, diesel, kerosene, and furnace oil in Pakistan.
Pakistan’s Prime Minister Shahbaz Sharif will be in a position to reduce the prices of petrol, diesel, and kerosene and furnace oil by mid-August. Pakistan has a three-day supply of petroleum products.
Yasir Raza Chaudhry, a senior official of the Pakistan Petroleum Dealers Association, was asked that two months’ worth of diesel has already been purchased in Pakistan. So he said that not at all, we don’t even have storage to keep two months’ worth of crude oil.
Pakistan is importing oil on a daily basis and we have to import 5 lakh barrels of petroleum products per day. Maximum storage is three days.
