Global crude oil prices dropped sharply after a reported agreement between the United States and Iran however will it have any impact on petrol prices in Pakistan remains uncertain.
Brent crude fell about 4% to around 83.70 dollars per barrel. West Texas Intermediate (WTI) dropped to nearly 80.76 dollars per barrel.
Market reports say the fall came after easing tensions in the Middle East. The deal is expected to improve oil supply routes, especially through the Strait of Hormuz, a key shipping point.
Prime Minister Shehbaz Sharif announced that a formal signing of the agreement will take place on June 19 in Switzerland, according to media reports.
International news agencies report that oil markets reacted immediately to the peace framework. Investors expect smoother global supply flows in coming weeks.
Analysts say lower crude prices usually reduce import bills for countries like Pakistan. This can ease pressure on inflation and fuel costs.
However, the benefit may not reach consumers quickly.
In Pakistan, fuel prices are reviewed every two weeks by the government. Changes depend on taxes, exchange rate, and subsidy policy.
The global price drops often take time to reflect locally due to currency pressure and tax adjustments.
If global prices stay low, Pakistan may adjust petrol and diesel rates in upcoming reviews.
For now, officials have not announced any immediate price cut for local consumers.
