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International Oil Prices declined 10$ a barrel, Govt hints at reducing petroleum prices

The federal government has hinted at reducing petroleum prices in the country after oil prices in the international market witnessed decline on new coronavirus variant concerns.

The oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.

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

“Allah has been kind to Pakistan. Very timely drop in oil prices globally. Brent reduce to $72.91/bbl. The full impact of this decline will be realised on Dec 15th pricing,” Finance Ministry Spokesperson Muzammil Aslam said in a tweet on Saturday.

He added, “But definitely it is big relief on imports & price pass through. Don’t forget Govt is losing 50/litre tax.”

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Similarly, Information Minister Fawad Chaudhry while addressing a press conference in Islamabad said that the impact of the decline in international crude oil prices would be passed to consumers in a “few weeks”.

It may be noted that petroleum prices in Pakistan have touched an all-time high with petrol being sold at Rs146 per litre.

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