Oil prices fall massively after Iran opens Strait of Hormuz

ISLAMABAD: Oil prices have dropped by approximately 9 percent on Friday because the market continued to decline after Iran’s foreign minister announced that commercial vessels could now pass through the Strait of Hormuz during the remaining ceasefire period, which he declared should match the rules in Lebanon, according to Reuters.

Brent crude futures have dropped by $8.46, which represents an 8.5 percent decrease to $90.93 a barrel at 1300 GMT. US West Texas Intermediate crude futures have decreased by $8.87, which represents a 9.4 percent drop to $85.82 a barrel.

Will Petrol Prices Decrease in Pakistan

As the weekend approaches, the Pakistani’s have started guessing whether the petrol prices will increase or decrease this time.

According to the experts, the petrol prices are expected to drop; the final decision will be announced by the Oil and Gas Regulation Authority (OGRA) this weekend.

According to the Pakistan Bureau of Statistics, weekly inflation fell by 0.7 percent. Officials say the easing trend is linked to a decrease in fuel prices, although annual inflation remains at a high level of 12.16 percent.

During the past week, prices of 17 essential items declined, while 17 items became more expensive, and several remained stable.

The price of diesel dropped by Rs134.58 per litre, while petrol became cheaper by Rs12 per litre. The price of a domestic LPG cylinder also decreased by Rs230.52.