Further decline in the price of crude oil in the world market
Global crude oil prices plunged sharply on Friday, and US crude oil Blue TL fell nearly 5 to 73$, down from 78$ to 73.48$ during trading. Seen on the surface of the barrel. Similarly, Brent crude fell from 81$ to 76$ a barrel. The fall in crude oil prices is due to an increase in supply and a decrease in purchases in proportion to it.
It should be noted that the downward trend in the price of crude oil in the world market started a week ago but initially the pace of decline in the price of crude oil was slow. The price of Brent oil was 82.43$ a barrel, but fell sharply on Friday, bringing the total price of crude oil in a week to 7$ per barrel of WTL and the price of Brent oil by about 10$۔
Economic analysts say rising crude oil production has led to an increase in supply over demand due to the opening of the Corona Lockdown, which has led to a drop in prices. In view of the increasing number of corona cases in the countries, re-lockdown is being considered due to which crude oil prices are falling. Research reports regarding the energy sector suggest that crude oil prices The decline is likely to continue and crude could fall below 70$ a barrel.
Two months ago in October, crude oil prices began to rise sharply and crude oil reached a high of 85$ per barrel, which benefited the oil producing countries but on the import of oil like Pakistan. Dependent countries have been hit hard by inflation. Pakistan has had to bear the brunt of rising import bills due to rising prices.
According to economists, the reduction in crude oil prices will benefit Pakistan in reducing the payment burden on oil imports, but it is unlikely to reduce the prices of petroleum products for consumers. In which he had said that he would receive Rs. 4 per liter per month in the form of Petroleum Development Levy till the levy would reach Rs. 30 per liter.
In this regard, the Petroleum Development Levy was also increased by Rs. 5 on November 5 and if the aforesaid Rs.24 And if there is more than that, then another Rs 30 has to be received in the form of PDL due to which the chances of reduction in the prices of petroleum products are less.