ISLAMABAD (Kashmir English): Crude oil prices in the international oil market fell faster than they rose, giving a hope to Pakistani consumers of cheaper petroleum products in the coming days.
As per Prime Minister Shehbaz Sharif’s announcement on Tuesday, petrol and diesel prices are now also expected to decrease in Pakistan.
Before President Donald Trump announced an early end to the war with Iran, crude oil prices in the international oil market had risen to $120 per barrel on Monday.
As soon as Trump announced at a Republican Party gathering in Florida that he would end the war soon, and that most of Iran’s war objectives had been met, crude oil prices in the New York market began to fall within moments, and stock exchange share prices, which had been falling earlier, started to rise.
Within a few hours, crude oil prices, which had reached $120 per barrel, dropped to $78 per barrel.
Trump’s announcement of an early end to the war caused oil prices to fall in the global market, even though he did not specify a date for ending the war and threatened the Revolutionary Guard that if they obstructed the movement of oil tankers in the Strait of Hormuz, Iran would face twenty times more severe attacks.
In response, the Revolutionary Guard announced that not even a litre of oil would be allowed to pass through the Strait of Hormuz. Despite this, prices in the New York market fell further.
Pakistan’s Prime Minister Shehbaz Sharif had announced in his address to the nation on Monday night that when crude oil prices in the international market decrease, the government in Pakistan will reduce petrol and diesel prices proportionally.
It is now expected that the federal government will soon announce a reduction in petrol and diesel prices.
