Daily Times

ISLAMABAD: While global oil prices kept their downward trend this week, there seems to be minimal chances of the government revising the prices of petroleum products to pass on relief to the masses on Dec 1.

A spokesperson for the Ministry of Finance, Muzzammil Aslam, in a tweet said, “Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduces to $72.91/bbl.”

“The full impact of this decline will be released on Dec 15th pricing. But definitely it is a big relief on imports & price passing through. Don’t forget Govt is losing 50/litre tax.”

Global oil prices fell $10 a barrel on Friday, their largest one-day drop since April 2020, according to Reuters.

Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%.

U.S. West Texas Intermediate (WTI) crude settled down $10.24 on Friday, or 13.1%, at $68.15 a barrel, declining more than 10.4% on the week.

On Nov 14, finance adviser Shaukat Tareen had hinted that petrol will become more expensive as the Pakistani rupee continues to depreciate against the US dollar.

While talking to the media in Karachi, Shaukat Tareen predicting that petrol would become more expensive, said that if global prices go up, then petrol will also become more expensive in Pakistan.