Crude oil prices fell in the international market due to the opening of the Strait of Hormuz after the peace agreement between Iran and America. Giving this benefit to the public, the Government of Pakistan has reduced the prices of petrol and diesel by a huge amount of Rs 74 per liter. Prime Minister Shehbaz Sharif himself announced this.
Pakistan has given the benefit of the huge fall in crude oil prices in the international market to its people. After the peace agreement between Iran and America, the Pakistan government has announced a big cut in the prices of petrol and diesel. Prime Minister Shehbaz Sharif has announced that the price of petrol has been reduced by Rs 74 per liter. The decision comes after the US and Iran signed a peace deal last Friday after weeks of negotiations. Iran reopened the Strait of Hormuz soon thereafter, causing a sharp decline in crude oil prices.
direct benefit to the public
Announcing this cut, Prime Minister Shehbaz Sharif said that his government is passing the full benefit of the fall in oil prices in the international market directly to the people. The official announcement was made just hours after Sharif promised a “major” cut in oil prices in parliament, Arab News reported.
“The price of petrol will be reduced from Rs 373 per liter to Rs 299, while the price of diesel will be reduced from Rs 378 to Rs 311 per litre. The government has used the 129 billion Pakistani rupees saved from cuts in the development budget and other expenses to provide relief to the people,” a statement issued from the Prime Minister’s Office said.
How was the big crisis averted?
This entire crisis started on February 28, when Israel and America jointly launched a major attack on Iran. There was news of the death of many senior leaders of Iran including Supreme Leader Ali Khamenei in this attack. In response, Iran attacked American allies in the Gulf countries and closed the Strait of Hormuz.
Hormuz is the most important oil trade route in the world. As soon as it closed, crude oil prices had skyrocketed across the world. The result was that a serious crisis of petrol and diesel had arisen in many countries including Pakistan. Now after the Iran-America agreement, this crisis seems to be averted.