NEW YORK (Kashmir English): Oil prices have fallen significantly in the global market, according to the latest market data.
US crude oil fell to $82.33 per barrel, down $2.68, or 3.15%. Similarly, British Brent crude oil is trading at $88.83 per barrel.
According to Reuters, despite tensions in the Middle East, investors are seeing pressure on the global oil market as concerns about an immediate major disruption in supply have eased.
The price of Emirati Murban crude, Asia’s main benchmark, also fell by $8.14 to $93.30 per barrel, which is about 8.02% less, while the price of natural gas remained at $2.772 after a slight decline.
The decline in global oil prices in Pakistan may also have an impact on the prices of petroleum products in the future.
A daily revision system is now in force for petroleum prices in Pakistan, under which global market trends are taken into account.
If the current decline in global crude oil prices continues, then the prices of petroleum products may also decrease in Pakistan, however, the final price will depend on global rates as well as the value of the rupee, import costs, taxes, and other relevant factors.
Petrol and diesel prices in Pakistan hiked for two days
The federal government on Tuesday hiked the petrol and diesel prices, effective Wednesday, August 26, a day after an increase was observed.
According to the notification issued by the Petroleum Division, the price of petrol was hiked by Rs 1.12 per liter and high-speed diesel (HSD) by Rs 1.11 per liter.
“The Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot prices of the petroleum products for August 26 to 27, 2026,” the notification stated.
With the latest revision, the new price of petrol has been fixed at Rs 343.10 per liter and diesel at Rs 371.80 per liter.
