ISLAMABAD – International crude oil prices have dropped to a five-year low following positive developments in potential Russia-Ukraine ceasefire talks. The decline comes amid renewed peace efforts led by the U.S. and European nations.
London Brent crude fell by $2.17, reaching $58.92 per barrel, while US West Texas Intermediate (WTI) crude dropped $2.73 to $55.27 per barrel. Analysts say the fall is linked to accelerated ceasefire negotiations and assurances from global leaders.
US President Donald Trump stated that a deal to end the Russia-Ukraine conflict is “very close.” He confirmed that Russia has engaged in talks with Ukraine and European leaders, and the U.S. peace plan enjoys full European support.
The fall in global crude prices is expected to impact petroleum prices in Pakistan. The government has issued new directives for fuel rates this month. Petrol prices remain at Rs263.45 per liter, while High-Speed Diesel (HSD) has been reduced by Rs14, bringing the new rate to Rs265.65 per liter. The revised prices take effect from midnight and will remain for the next fifteen days.
Officials said the pricing decisions consider both international oil market fluctuations and Pakistan’s local economic situation. Maintaining petrol prices is aimed at easing inflationary pressures, while diesel price reductions may lower transport costs and help control essential commodity prices.
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Public reactions to the new prices have been mixed. Many welcomed the diesel price cut, while some expected additional adjustments to petrol rates.
