Crude oil prices drop sharply

There has been a significant decline in crude oil prices in the global market.

The price of British crude oil fell by $2.45, after which the price per barrel settled at $62.77.

The price of British crude oil fell by 3.76 percent. The price of American crude oil in the market fell by $2.56, after which the price per barrel fell from $61.78 to $58.95.

International experts say that this decline in oil prices is due to a decrease in global demand and market instability. It is pertinent to note that the prices of petroleum products are revised every fortnight in Pakistan.

Price fluctuations in the global market also affect Pakistan. Due to the decline in crude oil prices, there is a possibility of a decline in the prices of petroleum products in Pakistan as well. The final decision will be made by the government.