Petrol and diesel prices likely to drop significantly

ISLAMABAD: After the decline in petroleum product prices in the global market, there is a possibility of a significant decline in petrol and diesel prices in Pakistan as well. Crude oil prices have fallen by more than 7 percent in the global market, with US crude oil trading at $79 per barrel, while British Brent crude oil is being sold at $81 per barrel.

After the decline in crude oil prices in the international market, hopes for relief in petroleum product prices in the country have increased. Prime Minister Shehbaz Sharif had assured at the time of the price hike that relief would be provided to the public as soon as the situation returned to normal.

Speaking in the National Assembly session yesterday, the Prime Minister said that the war had put immense pressure on the Pakistani economy, the people of Pakistan fully supported the government, made every possible effort to save the nation from possible inflation, and would convey the effects of the improvement in global economic conditions to the people.

Although crude oil prices are still higher than pre-conflict levels and it may take several months for production in the Middle East to return to normal, global crude oil prices have fallen by more than 7 percent since the news of the Iran-US deal.