After hitting all-time high record price of $126 a barrel a few weeks ago, the prices of OPEC and Brent crude oil have declined to $101/barrel today (April 12).
International oil prices are staying high from the day Russia has invaded Ukraine and oil prices are still hovering above $101 barrel. Brent oil price dropped to $100 barrel a couple of weeks back, but OPEC oil price stood above $115 a barrel because of Houthis drone attack on the Jeddah’s largest oil depot.
This attack was declared an attack on the “global oil economy” by the Houthis which further ignited hike in the global oil prices.
Pakistan is expected to see a relief in oil prices because of cut in OPEC oil price and decline in the value of US dollar in Pakistan.
In last few days, the dollar-rupee exchange rate in the inter-bank has declined to 182.50 rupees today, from a record high of 189 rupees, a day before the Supreme Court restored the National Assembly which was dissolved by President of Pakistan Dr Arif Alvi on the advice of Prime Minister Imran Khan.