A sharp drop in oil prices in the world market again, this time Pakistan is also likely to benefit

Brent crude oil prices fell 6.2 percent to 20 20 a barrel, lifting the ban on crude oil and petrol imports, the current situation could be beneficial for Pakistan.

Brent crude oil prices fall 6.2% to  20% a barrel, lifting ban on crude oil and petrol The current situation could prove to be beneficial for Pakistan.
According to the details, oil prices in the world market fell after reports of depletion of oil storage capacity in the world once again. According to media reports, WTI's June deals fell 15 percent to 14 14.40 a barrel at the start of trading on Monday in the British crude market. Brent crude also fell in global markets, hitting 2  barrel in June, down 6.2 percent.

It is to be noted that the main reason for the decline in global oil prices is the extreme oil consumption due to the lockdown caused by the corona virus around the world and most of the countries have almost run out of oil storage capacity. At the same time, oil-producing countries are not cutting oil production much, which has led to higher production and lower consumption.
In all these circumstances, the Ministry of Energy in Pakistan has lifted the ban on the import of crude oil and petrol in the country a month later. The Ministry of Energy and Petroleum Division has informed the Oil Companies Advisory Committee in a letter that the ban has been lifted. Once the ban is lifted, refineries will be able to import crude oil, while marketing companies will be allowed to import diesel and petrol. Petroleum Division officials say demand for fuel has increased since April 1 due to wheat cultivation in the country. Consumption of petrol and diesel is also increasing. In view of this situation, it has been decided to lift the ban.