ISLAMABAD – Crude oil prices witnessed major drop as it comes down to five-year low after positive developments regarding potential ceasefire between Russia and Ukraine. The drop is directly linked to renewed peace efforts by US and European nations in the ongoing conflict.
Lately, crude oil prices moved down to levels last seen in February 2021. London Brent crude dropped by $2.17, reaching $58.92 per barrel, while US West Texas Intermediate (WTI) crude fell by $2.73 to $55.27 per barrel. Experts attribute this decline to accelerated ceasefire negotiations between Russia and Ukraine, supported by the U.S. and European leadership.
US President Donald Trump said a deal to end Russia-Ukraine war is “very close.” Speaking at White House, President Trump said that Russia has engaged in discussions with Ukrainian and European leaders regarding a ceasefire, and the U.S. peace plan has received full backing from European authorities.
The dropn in international crude oil prices is expected to influence petroleum product prices in Pakistan. Pakistani government has issued directives for petroleum pricing this month.
Petrol prices remained 263.45 per liter, while High-Speed Diesel (HSD) prices have been reduced by 14 per liter, bringing the new diesel price to 265.65 per liter. These revised prices will be effective from midnight and will remain valid for the next fifteen days.
Officials said that these decisions were made after considering both the fluctuations in international oil prices and the current local economic situation. Maintaining the petrol price is being viewed as a measure to ease inflationary pressures, while the reduction in diesel prices is expected to have a positive impact on transport costs and the prices of essential commodities.
Public reactions to these pricing decisions have been mixed, with some welcoming the relief in diesel prices, while others expected more adjustments in petrol prices.
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