Yesterday, the global market witnessed a decline of over 4% in crude oil prices. Brent futures experienced a drop of 4.6%, reaching $73.54 per barrel, while U.S. West Texas Intermediate saw a decrease of 4.4%, settling at $69.46 per barrel.
The decrease in prices is attributed to concerns regarding the passage of the debt limit bill in the US Congress, as stated in the report.
Additionally, industry officials anticipate a potential reduction of up to Rs 10 per liter in the prices of petroleum products starting from June 1.