ANL 34.80 Increased By ▲ 0.80 (2.35%)
ASC 14.45 Decreased By ▼ -0.45 (-3.02%)
ASL 23.30 Decreased By ▼ -1.80 (-7.17%)
AVN 90.10 Decreased By ▼ -2.10 (-2.28%)
BOP 8.98 Decreased By ▼ -0.16 (-1.75%)
BYCO 9.45 Decreased By ▼ -0.40 (-4.06%)
DGKC 127.15 Decreased By ▼ -7.55 (-5.61%)
EPCL 47.30 Decreased By ▼ -3.32 (-6.56%)
FCCL 23.89 Decreased By ▼ -0.74 (-3%)
FFBL 25.09 Decreased By ▼ -0.77 (-2.98%)
FFL 14.80 Decreased By ▼ -0.69 (-4.45%)
HASCOL 10.39 Decreased By ▼ -0.17 (-1.61%)
HUBC 83.80 Decreased By ▼ -2.53 (-2.93%)
HUMNL 6.65 Decreased By ▼ -0.37 (-5.27%)
JSCL 25.15 Decreased By ▼ -0.50 (-1.95%)
KAPCO 40.26 Decreased By ▼ -1.29 (-3.1%)
KEL 3.93 Decreased By ▼ -0.09 (-2.24%)
LOTCHEM 14.10 Decreased By ▼ -0.35 (-2.42%)
MLCF 44.00 Decreased By ▼ -2.42 (-5.21%)
PAEL 34.90 Decreased By ▼ -2.35 (-6.31%)
PIBTL 11.25 Decreased By ▼ -0.45 (-3.85%)
POWER 9.78 Decreased By ▼ -0.47 (-4.59%)
PPL 90.00 Decreased By ▼ -0.90 (-0.99%)
PRL 25.72 Decreased By ▼ -1.14 (-4.24%)
PTC 8.60 Decreased By ▼ -0.11 (-1.26%)
SILK 1.29 Decreased By ▼ -0.06 (-4.44%)
SNGP 39.87 Decreased By ▼ -2.84 (-6.65%)
TRG 143.00 Decreased By ▼ -3.10 (-2.12%)
UNITY 30.73 Increased By ▲ 0.53 (1.75%)
WTL 1.37 Decreased By ▼ -0.04 (-2.84%)
BR100 4,836 Decreased By ▼ -128.86 (-2.6%)
BR30 24,973 Decreased By ▼ -780.65 (-3.03%)
KSE100 45,051 Decreased By ▼ -786.3 (-1.72%)
KSE30 18,871 Decreased By ▼ -303.1 (-1.58%)
Pakistan

POL rates expected to drop in Pakistan amid global crude oil plunge

The government is in a position to announce a big relief to the public next month, says Shah. Oil fell by almo
Updated 10 Mar 2020
  • The government is in a position to announce a big relief to the public next month, says Shah.
  • Oil fell by almost 30pc on Monday, the most since 1991.

The oil prices are expected to drop in Pakistan, says Former 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.

https://www.brecorder.com/2020/03/09/578387/bloodbath-in-psx-kse-100-indexloses-over-2200-points/

https://www.brecorder.com/2020/03/10/578749/saudi-russia-price-war-escalates-aramco-announces-massive-hike-in-oil-output/