London: Despite recent fluctuations, global crude oil prices are set to record an annual decline for the second consecutive year, driven by demand uncertainties in major consumer markets.
According to international reports, Brent crude is trading at $74 per barrel, while U.S. West Texas Intermediate (WTI) crude stands at $71 per barrel. Over the course of 2024, Brent crude prices have decreased by 3.2%, and WTI crude prices have seen a marginal dip of 0.1%.
In Pakistan, the impact of global market trends is expected to bring mixed results for consumers. Petrol prices are likely to decrease by PKR 2 per liter, while high-speed diesel (HSD) prices could rise by PKR 3.62 per liter starting January 1, 2025, for the following fortnight.
Sources indicate that global supply and demand remain balanced, but geopolitical uncertainties—particularly the ongoing situation in Syria and policy shifts under new U.S. leadership—are contributing to volatility in petroleum prices.
The premium on petroleum is currently $8.69 per barrel. In Pakistan, following the anticipated changes, petrol prices may stabilize at PKR 250.20 per liter, while diesel prices could increase to PKR 259 per liter.
Light diesel oil (LDO) is expected to see a price adjustment of PKR 3.30, bringing it to PKR 151.97 per liter, while kerosene prices are projected to rise by PKR 3.03 to PKR 161.71 per liter.
The adjustments reflect global market dynamics, with Pakistan’s petroleum pricing influenced by international crude benchmarks and domestic economic considerations.
