After the 2-weekceasefire announcement between Iran and the United States of America, it is expected that the petrol prices will be reduced by Rs30-60 in Pakistan.
Prime Minister Shehbaz Sharif has said that the ceasefire between the United States and Iran is, by the grace of Allah, a historic success of Pakistan.
The Prime Minister said that today is a very significant and historic day for Pakistan, and we thank Allah for it.
Shehbaz Sharif further stated that the impact of the decrease in global oil prices will be immediately passed on to the public, and further measures will be discussed in the cabinet meeting.
The positive effects of the Iran–US ceasefire on the global oil market are continuing. Prices of crude oil in the international market have dropped by 13 to 15 per cent.
The price of British crude oil (Brent) has decreased by 17 dollars and 31 cents per barrel, falling from 112 dollars to 94 dollars and 69 cents.
The price of American crude oil has also seen a decline of 19 dollars and 25 cents, with WTI crude dropping from 115 dollars to 96 dollars and 73 cents.
Before the war, on February 28, the price of Brent crude was 70 dollars per barrel, while WTI crude was being traded at 67 dollars per barrel.
The impact of the global market is expected to affect petroleum products in Pakistan, and a reduction in petroleum prices is anticipated in the country.
It is noteworthy that due to Pakistan’s successful diplomatic efforts, a two-week ceasefire has been established between the United States and Iran, after which a record decline in global oil prices has been observed.
However, nothing is confirmed right now, but it is expected a formal announcement will be made to the PM after the Cabinet meeting.
Also read: Crude oil price today: Latest updates and market trends
