Due to the increasing cases of Corona in China and the slowdown in the global economy, oil prices saw a decline.
New York (Newshub Update Latest News 05 January 2023) Crude oil prices have recorded a big drop in the global market. According to Newshub, the drop in oil prices in the global market was seen due to the increasing cases of Corona in China and the slowdown in the global economy. According to the news, on Wednesday, the price of British crude oil Brent crude oil decreased by 3.53 dollars per barrel to 78.57 dollars per barrel.
In addition, the price of US crude oil decreased by 3.37 dollars to 73.56 dollars per barrel. Keep in mind that the head of the IMF has warned that the world economy will face difficulties in 2023 because economic activities are likely to slow down this year in the economies considered important for global growth, i.e. China, America, and Europe.
It should be noted that a few days ago, the Pakistani government announced the maintenance of the prices of petroleum products. Pakistan's Finance Minister Ishaq Dar said in a news conference that the prices of petroleum products will remain unchanged for the next fifteen days. He said that the prices of petroleum products have increased in the world market, a summary of the increase in the prices of petroleum products was sent by Ogra.
The price of petrol in Pakistan will remain at 214 rupees 80 paise per liter while the price of diesel will remain at 227.80 rupees per liter. Finance Minister Ishaq Dar said that the Oil and Gas Regulatory Authority had proposed to increase the price of kerosene by Rs 8 76 paise per liter, but the price of kerosene oil will remain at Rs 171 83 paise per liter. Apart from this, the price of light diesel will remain at Rs 169 per liter.
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