Reports suggest that a weekly reduction in global oil prices is likely, as OPEC Plus plans to increase production and the potential ceasefire in the Russia-Ukraine war could lead to more oil supply.

Currently, Brent Crude Futures are priced at $66.60 per barrel, while U.S. West Texas Intermediate (WTI) crude is at $62.85 per barrel. However, a 2.9% decline in prices is expected over the week.

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The impact of global market trends is also being seen in Pakistan, with a possible decrease in petroleum product prices.

However, the government recently abolished the Fifth Schedule for petroleum levies, giving it the power to raise these levies. This means that while crude oil prices are falling, any delay in passing on the benefit to the public could be due to an increase in petroleum levies.

According to a presidential ordinance, under the previous Fifth Schedule, the government was bound to increase the petroleum levy up to Rs70 per litre. Now, the government has the authority to set the levy rate itself.

It remains to be seen whether the government will pass on the benefit of lower global oil prices to the public, and what impact any further increase in petroleum levies will have on citizens.