Global oil prices have reached $74 per barrel after the presidents of Iran and the US signed a memorandum of understanding on a peace agreement. Oil prices have fallen further.
The price of US crude oil per barrel has reached $75, British crude oil is being sold at $77 per barrel, and UAE crude oil is being traded at $74 per barrel. On the other hand, investor confidence has increased in Japan, South Korea, and other Asian markets, resulting in an improvement in stock indices.
Due to the decrease in oil prices in the global market, there may be a significant reduction in the prices of petroleum products in Pakistan as well. The government may announce a reduction in the prices of petrol and diesel. The Prime Minister will take the final decision regarding the prices.
On the other hand, Petroleum Minister Ali Pervez Malik said in his statement that the diplomatic efforts of the Prime Minister, Field Marshal, Foreign Minister, and Interior Minister are bearing fruit.
He said that the Prime Minister has directed that the benefit of the reduction in oil prices in the global market should be immediately transferred to the public. A high-level committee has been formed to formulate a transparent weekly formula for the prices of petroleum products. The price of gold has decreased. How much has it become per tola?
The Petroleum Minister said that thanks to the transparent formula, the public will be able to understand the reasons for the change in prices. The new formula will be made in full consultation with all stakeholders.
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