ISLAMABAD (Kashmir English): Global crude oil prices went down on Tuesday. This has raised hopes that petrol and diesel prices in Pakistan might go down when the government reviews fuel prices every two weeks.
In the market, Brent crude oil fell by 75 cents or 1.03% to $72.40 per barrel. At the time, US West Texas Intermediate crude oil dropped by 47 cents or 0.66% to $70.05 per barrel. UAE Murban crude oil stayed close to $67 per barrel.
Market experts think that the decline in oil prices is because people expect the United States and Iran to have talks in Doha, Qatar. When investors heard this, they felt better that there might be less tension in the region. This made them less worried about oil supplies being disrupted.
Global oil prices might go down more if things in the Middle East keep getting better and oil supplies stay steady. This is what Tim Waterer, Chief Market Analyst at KCM Trade, said.
If global crude oil prices stay where they are now or go down more, Pakistan might get some relief when the government reviews fuel prices. The government will make the final decision after looking at what the Oil and Gas Regulatory Authority recommends and considering other financial matters.
