Much to the anticipation of the Pakistani public, the fuel prices are expected to reduce significantly on December 1st due to continuous decline in crude oil prices in the international market.
It is pertinent to note that after US and British crude oil in the global market, the price of Russian crude oil is also decreasing.
According to the international media, the price of Russian oil per barrel has fallen below 60 dollars in the market. The limit of 60 dollars per barrel of Russian oil has been set by the European Union, but the price of Russian oil in the market is below the specified limit.
It is also reported that the prices of crude oil are currently at the lowest level of four months, under the influence of which a large reduction in the fuel prices is expected in Pakistan from December 1.
However, the final announcement of petroleum product prices for the next 15 days will be made with the approval of Prime Minister.