Mar 13 2020

Will The Government Reduce Petroleum Prices Amid Global Price Cut?

 

The global oil prices get reduced in a few days due to the spread of the Corona Virus all over the world. The global market is suffered due to the massive fall in the demand of the oil. It is the highest fall since 1991, moreover, Saudi Arabia has increased its oil production than the requirement in the global market that opens a price war with second-largest oil-producing country, Russia. Oil prices are reduced by 31.5% since the mid of February 2020. It gives Pakistan the opportunity to stabilize its economy because of oil prices reduced Pakistan can save up to 4 billion dollars in their import bill. Therefore the government of Pakistan is making the decision to reduce the fuel prices and also focus to collect higher revenue, Soon we will hear news of more decrease in oil prices.