Significant decline in fuel prices
International oil prices faced a notable decline at the week's start, grappling with uncertainty in demand due to diminishing consumption in top oil consumers—the United States and China.
The impact of these falling oil prices on petrol costs in Pakistan remains uncertain, pending the government's announcement of new petrol prices this week.
As of now, Brent crude is trading at $80.52 per barrel, reflecting a 1.1% decrease for the day. Concurrently, West Texas Intermediate crude (WTI) is at $76.43 per barrel, down by 1.12% on the day.
It's worth noting that both benchmarks experienced a more than 4% plunge last week, marking their third consecutive weekly loss. This trend is linked to concerns about demand surpassing the supply disruptions caused by the Israel-Hamas conflict.