AIRLINK 69.92 Increased By ▲ 4.72 (7.24%)
BOP 5.46 Decreased By ▼ -0.11 (-1.97%)
CNERGY 4.50 Decreased By ▼ -0.06 (-1.32%)
DFML 25.71 Increased By ▲ 1.19 (4.85%)
DGKC 69.85 Decreased By ▼ -0.11 (-0.16%)
FCCL 20.02 Decreased By ▼ -0.28 (-1.38%)
FFBL 30.69 Increased By ▲ 1.58 (5.43%)
FFL 9.75 Decreased By ▼ -0.08 (-0.81%)
GGL 10.12 Increased By ▲ 0.11 (1.1%)
HBL 114.90 Increased By ▲ 0.65 (0.57%)
HUBC 132.10 Increased By ▲ 3.00 (2.32%)
HUMNL 6.73 Increased By ▲ 0.02 (0.3%)
KEL 4.44 No Change ▼ 0.00 (0%)
KOSM 4.93 Increased By ▲ 0.04 (0.82%)
MLCF 36.45 Decreased By ▼ -0.55 (-1.49%)
OGDC 133.90 Increased By ▲ 1.60 (1.21%)
PAEL 22.50 Decreased By ▼ -0.04 (-0.18%)
PIAA 25.39 Decreased By ▼ -0.50 (-1.93%)
PIBTL 6.61 Increased By ▲ 0.01 (0.15%)
PPL 113.20 Increased By ▲ 0.35 (0.31%)
PRL 30.12 Increased By ▲ 0.71 (2.41%)
PTC 14.70 Decreased By ▼ -0.54 (-3.54%)
SEARL 57.55 Increased By ▲ 0.52 (0.91%)
SNGP 66.60 Increased By ▲ 0.15 (0.23%)
SSGC 10.99 Increased By ▲ 0.01 (0.09%)
TELE 8.77 Decreased By ▼ -0.03 (-0.34%)
TPLP 11.51 Decreased By ▼ -0.19 (-1.62%)
TRG 68.61 Decreased By ▼ -0.01 (-0.01%)
UNITY 23.47 Increased By ▲ 0.07 (0.3%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 7,399 Increased By 104.2 (1.43%)
BR30 24,136 Increased By 282 (1.18%)
KSE100 70,910 Increased By 619.8 (0.88%)
KSE30 23,377 Increased By 205.6 (0.89%)
Business & Finance

Decline in oil prices to bode well for Pakistan’s economy: Fawad

  • International prices plunged $10 a barrel on Friday, the largest one-day drop since April 2020
Published November 27, 2021

Federal Minister for Information and Broadcasting Fawad Chaudhry said that the drop in oil prices would bode well for Pakistan's economy, a statement that comes amid concerns over rising inflation.

Talking to media persons on Saturday, the minister, while briefing on the economic situation of the country, said that fortunately, oil prices in the international market have come down.

He said that the effect of the decline in oil prices on the economy would be seen in two months. “If the trend continues, and oil prices continue to decline, it will have a positive impact on Pakistan's economy,” said Fawad.

KSA financial assistance has nothing to do with IMF negotiations, says Tarin

Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus irked investors, fanning concerns that a supply surplus could swell in the first quarter.

Brent crude settled down $9.50, or 11.6%, to $72.72 a barrel, a weekly decline of more than 8%. U.S. West Texas Intermediate (WTI) crude settled down $10.24 on Friday, or 13.1%, at $68.15 a barrel.

Meanwhile, the federal minister said that Pakistan's economic problems are declining and the economy is moving towards stability.

Oil settles down $10/bbl on new variant concerns

The government spokesperson lauded the role of Saudi Arabia for providing financial assistance to Pakistan. Under the $4.2-billion Saudi funding facility, $3 billion will be deposited in Pakistan's central bank and $1.2 billion will be used for to finance the oil derivatives trade.

“The agreement with the International Monetary Fund (IMF) is also in its final stages all these developments will bring economic stability in the country,” said the minister.

SPI down 0.67pc WoW

He added that food prices have also fallen this week registering a decline of 0.67%.

The Sensitive Price Indicator (SPI) for the week ended November 25, recorded a decrease of 0.67 percent due to decrease in the prices of tomatoes (15.42 percent), onions (7.43 percent), chicken (6.62 percent), sugar (1.87 percent), wheat flour (0.95 percent), LPG (0.73 percent), and rice Irri (0.59 percent), says the Pakistan Bureau of Statistics (PBS).

However, inflationary pressure has persisted in Pakistan for months with the rupee nearing its historic low once again on Friday. Headline inflation clocked in at over 9% in October with expectations higher for the figure in November.

Comments

Comments are closed.