There is a possibility of a significant reduction in the prices of petroleum products

There is a possibility of a significant reduction in the prices of petroleum products

Due to lower demand and higher oil production, petroleum product prices may fall significantly in early 2024. Energy experts

There is a possibility of a significant decrease in the prices of petroleum products. According to the report of Jang newspaper, experts say that there is a possibility of a significant decrease in the prices of petroleum products in early 2024 due to low demand and high production of oil. Energy experts said. Crude oil prices have fallen in November and December due to a weak global economy and a drop in demand due to rising crude oil inventories in the United States.

Analysts watching the market said that crude oil supply is currently higher than demand. For the first half of 2024, we expect Brent to range from $60 to $65 per barrel to $85 to $90 per barrel. Experts believe that only geopolitical tension in the Middle East can increase oil prices.

Otherwise, oil prices are likely to drop significantly.

While people associated with the currency market in Pakistan have also predicted a significant decline in the value of the dollar against the rupee in the next few months. With the approval of the next loan installment on the 11th of this month by the IMF. The dollar is likely to depreciate, the dollar may fall to Rs 277 or below. The rupee appreciated last week and closed at Rs 281.40 against the dollar on Friday, an NNI News report said.

The dollar hit a high of 307 on September 5, but continued to depreciate due to government and security crackdowns and reached 277 in October. After that the price increased a bit and touched $288. However, since mid-November, the new trend of dollar price decline has been maintained.