By Ahsan Mughal
KARACHI: A reduction in petroleum product prices is anticipated by the end of this week, following a significant decline in global oil prices. This potential decrease would mark the third consecutive bi-weekly drop in petroleum prices.
Sources suggest that petrol prices could be reduced by Rs12 per litre, while diesel prices are also expected to fall by Rs12 per litre. Additionally, kerosene oil prices might drop by up to Rs8 per litre. The final adjustment in petrol prices, reflecting fluctuations in the global market, is expected to be announced by the eve of September 15.
The decline in oil prices has been attributed to recent global market trends, with Brent crude falling below $70 per barrel for the first time since December 2021, driven by concerns over slowing economic growth. This decrease has enhanced profitability for fuel marketing companies, particularly benefiting state-run entities that dominate 90 percent of the market.
Despite the recent low, crude oil prices experienced a rise on Thursday. Futures trade saw crude oil prices increase by Rs51 to Rs5,709 per barrel, driven by strong spot demand. On the Multi Commodity Exchange, October delivery crude oil was up 0.9 percent at Rs5,709 per barrel, with 11,306 lots traded. In global markets, West Texas Intermediate crude rose 1.26 percent to $68.16 per barrel, while Brent crude climbed 1.32 percent to $71.54 per barrel in New York.
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