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POL rates expected to drop amid global crude oil plunge

POL rates expected to drop amid global crude oil plunge

LAHORE: The oil prices are expected to drop in Pakistan, says ex-minister of Finance Salman Shah amid the plunge in global crude oil rates on Monday.

The economist, who has served on important positions, was of the view that the government is in a position to announce a big relief to the public next month.

The development comes after oil prices tanked to a historic drop after Saudi Arabia shocked the market by launching a price war against Russia.

Oil fell by almost 30pc on Monday, the most since 1991. Brent crude futures fell by as much as $14.25, or 31.5pc, to $31.02 a barrel. That was the biggest percentage drop since January 17, 1991, at the start of the first Gulf War and the lowest since February 12, 2016.

OPEC and Russia on Friday failed to agree on a decision to cut oil production that would have contained the plunge, and on Saturday, Saudi Arabia’s state oil giant Aramco slashed export prices by $6 to $8 to retake market share from Russia.

As per Reuters, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark.