Oil prices likely to do go down

KARACHI: After the decreasing oil prices in Asia, the prices of petroleum products are likely to go down in Pakistan by up to Rs 15 per liter for the month of February, sources told PPI on Wednesday.

According to credible sources, the price of petrol is likely to go down by Rs 10.37 per liter, while of high speed diesel would by Rs 15, high octane by Rs 9, kerosene oil by Rs 8, while price of light diesel would be slashed by Rs 11 per liter.

It may be noted that crude prices have been nose-diving for the past three weeks, falling about 75 percent in 18 months in Asia on a supply glut, weak demand, overproduction and a slowing global economy, said the sources.

They said the return of Iranian crude into the market after the lifting of Western sanctions, offsetting any output cuts from other countries.