Prime Minister Shehbaz Sharif has approved a reduction of Rs32.12 per litre in the price of diesel.
According to a statement issued by the Prime Minister’s Office, following the approval, the price of diesel has been reduced from Rs385.54 to Rs353.43 per litre.
The statement added that the Prime Minister said the impact of lower global oil prices would be passed on to the public as quickly as possible
Meanwhie, oil prices plunged Friday after Iran’s Foreign Minister Abbas Araghchi said the vital Strait of Hormuz was “completely open” for commercial tankers and cargo ships during the US-Iran ceasefire.
International benchmark Brent North Sea crude plunged 10 percent to $89.11 a barrel, after earlier falling five percent on US-Iran peace deal hopes. The main US contract, West Texas Intermediate, shed 11 percent to $84.11 a barrel.
Stock markets diverged, and oil prices fell on Friday as investors awaited news of a possible extension of the Iran-US ceasefire, with the first passage of Iranian oil shipments through the Strait of Hormuz in weeks bolstering hopes.
