Former prime minister and senior leader of the Pakistan Muslim League – Nawaz (PML-N) Shahid Khaqan Abbasi on Tuesday said that the people of Pakistan should be provided relief in light of the dramatic drop in international oil prices.
“The price of electricity can be reduced by one-thirds, if not by half, as a result of the drop in international oil prices,” Abbasi told the media. Senior PML-N leaders standing alongside Abbasi said affirmed, calling for a 50% decrease in oil prices in the country.
US crude prices bounced back into positive territory on Tuesday, a day after crashing below $0.00 for the first time owing to crippled demand and a storage glut, while the commodity rout sent Asian equities sharply lower.
West Texas Intermediate for May delivery was changing hands at $1.10 a barrel after diving to an unprecedented low of -$37.63 in New York as the pandemic brings the global economy, transport and factory activity to a halt.
