ijra — Live news map of the Middle East, Sudan and Pakistan

Pakistan reduces fuel rates as global oil prices fall amid US-Iran peace hopes

Pakistan ·

Pakistan's Oil and Gas Regulatory Authority (OGRA) announced on Monday that petrol and diesel prices would be lowered, as international oil prices fell about three percent. The cut is Rs3.40 per litre for petrol, equal to roughly $0.012, and the price moves follow hopes of a peace deal between the United States and Iran after meetings between Iranian and Qatari officials.

Iran is a major oil producer, and tensions involving it, including around the Strait of Hormuz, the key sea passage for Gulf oil exports, often move global crude prices.

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