Global oil prices fall, significant reduction in petroleum prices expected in Pakistan

London/Islamabad (Web Desk): Global crude oil prices have declined to their lowest level since the onset of Iran–Israel tensions, raising expectations of a significant reduction in petroleum product prices in Pakistan.

In the international market, Brent crude fell by 2.7 percent to $76.9 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude also dropped by 3 percent, slipping below $73.6 per barrel.

Market experts say the downward trend in global oil prices is likely to impact Pakistan as well, where new petroleum prices are expected to be announced tonight.

Sources indicate that the Prime Minister has directed the Petroleum Minister to ensure that the benefits of falling international prices are passed on to the public in the form of substantial relief.

According to government officials, the revised prices will come into effect after midnight, with consumers anticipating a notable reduction in petrol and diesel rates.