ISLAMABAD: After the reduction in tensions between Iran and the US, crude oil prices have been falling in the global market.
According to the details, after the Iran-Israel war and the closure of the Strait of Hormuz, oil prices had skyrocketed worldwide. However, now, due to the reduction in Iran-US tensions and the ongoing negotiations with the signing of the MoU between the two countries, crude oil prices are continuously falling.
Even today, the decline in crude oil prices continues in the international markets. Today, the price of London Brent crude oil fell by another 2.08 percent, bringing the price to $ 73.77 per barrel.
Similarly, West Texas crude oil became cheaper by 2.05 percent today, and the price per barrel rose to $ 77.44.
Due to the continuous decline in crude oil prices at the global level, a major reduction in the prices of petroleum products is also being seen in Pakistan.
Yesterday, the Prime Minister’s Advisor Rana Sanaullah, while speaking to the media, had also hinted that petrol prices would further decrease.
On the other hand, according to reports, OGRA has prepared a summary regarding the new prices of petroleum products, in which a possible reduction of Rs 20 to Rs 50 per liter is being considered. However, the final decision will be taken by the Prime Minister.
It should be noted that last week, a major reduction of up to Rs 74 per liter in the prices of petroleum products was announced.
