Significant drop in oil prices in Pakistan but what is the situation in the world market?

Oil prices in Pakistan have been significantly reduced while the price of oil in the world market is also declining. 
According to the British news agency Reuters, world oil prices fell on Monday, after which the Organization of the Petroleum Exporting Countries (OPEC) decided to convene a meeting this week on the issue. Whether or not to reduce oil production.

According to the report, on the first day of the business week, the price of Brent crude oil has decreased by 15 cents, after which its price per barrel has reached 37.69.

US crude fell 13 cents
After that, its price for July has reached 35 35.36 per barrel.

It may be recalled that a reduction in petroleum products was also announced in Pakistan yesterday after which the prices of petrol, diesel, and kerosene in Pakistan have come down significantly.

In this regard, a statement has been issued by the Ministry of Finance. The statement issued by the Ministry of Finance said that the government has changed the prices of petroleum products and reduced the price of petrol by Rs 7.6 Now the new price of petrol has gone up to Rs 74.52 per liter.

According to the statement, kerosene has been reduced by 11.88 paise per liter to Rs 35.56 per liter. In addition, high-speed diesel has been increased by five paise per liter. After the change in prices, the new price of high-speed diesel has been fixed at Rs 80.15 per liter, while the price of light diesel oil has been reduced by Rs 9.37 per liter to Rs 38.14 per liter. Light diesel oil was earlier being sold at Rs 47.51 per liter. Implementation of the new prices began at 12:00 am last night.

It may be recalled that from June 1, the prices of petroleum products were expected to fall by Rs 11.88 per liter. In this regard, OGRA had sent its summary to the Petroleum Division. The Oil and Gas Regulatory Authority (OGRA) has recommended reducing the price of petrol by Rs7.6 per liter, light diesel oil by Rs9.37 per liter and kerosene by Rs11.88 per liter. Was

In addition, it was proposed to increase the price of high-speed diesel by 5 paise per liter. Taking note of the shortage of petrol and diesel in the country, OGRA had directed the Hydrocarbon Development Institute to review the availability of petrol and diesel at depots and outlets and provide a report on inadequate storage.