The prices of crude oil in the international oil market have fallen at a faster pace than they had risen.
According to the announcement of Prime Minister Shehbaz Sharif yesterday, now the prices of petrol and diesel are expected to fall in Pakistan as well.
On Monday, before President Donald Trump announced an early end to the Iran war, the prices of crude oil in the international oil market had risen to $120 per barrel.
Trump announced at the Florida Republican Party gathering that he would end the war soon.
He further suggested that most of the objectives of the Iran war had been achieved.
However, within a few moments, the prices of crude oil in the New York market started falling and the prices of shares in the stock exchange, which were falling earlier, started rising.
In a few hours, the prices of crude oil, which had reached the level of $120 per barrel, fell to $78 per barrel.
Trump’s announcement about end of war with Iran causes drop in oil prices
Trump’s announcement of an early end to the war caused oil prices to fall in the global market, although he did not give a date for ending the war and threatened the Revolutionary Guards that if they obstruct the movement of oil tankers in the Strait of Hormuz, Iran would be attacked twenty times more severely.
In response, the Revolutionary Guards announced that they would not allow even half a liter of oil to pass through the Strait of Hormuz.
Despite this, prices in the New York market fell further.
PM Shehbaz Sharif, while addressing the nation on Monday night, had announced that when the prices of crude oil decrease in the international market, the government would reduce the prices of petrol and diesel by the same proportion.
Will the government announce drop in petrol and diesel prices?
Now it is expected that the government of Pakistan is going to announce a reduction in the prices of petrol and diesel soon.
From March 6 to March 9, crude oil prices in the global market increased rapidly and the price of Brent crude reached 120 per barrel at one time on March 9.
Today, March 10, after the statements of President Donald Trump, prices in the oil market started falling sharply.
And the price of crude oil per barrel in the global market decreased by 17%, after which Brent crude oil has become $ 83 per barrel, West Texas Intermediate (WTI) has become $ 78 per barrel.
Read more: Iran conflict drives global oil surge as Pakistan raises petrol prices
