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Global Oil Prices Dropped To A Seven Month Low

On Wednesday, global oil prices fell more than 3% to a seven-month low due to worries about demand.

While U.S. West Texas Intermediate crude slid over 4 percent to $83.46 per barrel, Brent crude futures were down 3.6 percent to below $90 per barrel.

While the West Texas Intermediate hit its lowest point since January 24, Brent oil futures are presently at their lowest point since February 3.

Price declines are mostly the result of deteriorating Chinese trade statistics and worries about demand.

The severe Covid regulations in China have significantly decreased its consumption, with the nation’s oil imports falling by about 10% in August.

According to Reuters, the cancellation of the Nord Stream 1 pipeline has raised the possibility of a recession in the eurozone, citing credit rating agency Fitch.

At its meeting tomorrow, the European Central Bank is anticipated to raise interest rates (Thursday).

Also Read: If prices fall in the global oil market, the PM will immediately reduce the price of petrol, Maryam Nawaz

Fuel Prices In Pakistan As of 8th September 2022:
Coalition Govt has increases petrol prices yet once again in the start of September 2022 amid flood situation in Pakistan even global oil prices reduced.
Increased Prices Change Effective From 1st September 2022 of Petrol, Diesel and Kerosene & Light diesel.
Petrol by PKR 2.07 to PKR 235.98 per litre,
Diesel by PKR 2.99 to PKR 247.43 per litre,
Kerosene by PKR 10.92 to PKR 210.32 per litre,
Light diesel by PKR 9.79 to PKR 201.54 per litre.

According to a statement from the finance ministry, the government had taken into account suggestions to adjust petroleum prices somewhat in order to reflect changes in worldwide pricing as well as currency rate fluctuations.

 

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