Prices have already plunged more than 30% over the past two months

International oil prices have have just hit their lowest level in a year

The federal government has reduced the prices of petroleum products by 5.6% percent for September. The per litre price of petrol has been brought down by Rs2.41 from Rs95.24 to Rs92.83. The per litre price of high speed diesel has been reduced by Rs6.37 from Rs112.94 to Rs106.57. The per litre price of kerosene oil…

Chief Justice Mian Saqib Nisar has sought explanation from the caretaker government about recent surge in the price of petroleum products. The CJP has ordered the relevant stakeholders to find a way to bring down the oil prices and ease burden on the common man. He was hearing a case related to an increase in…

The federal government has decided to keep the petroleum prices unchanged till June 07. The decision will now be taken by incoming caretaker government. “Since our government ends on May 31, and new prices of petrol, diesel, and Kerosene oil go in effect from Friday; therefore, on recommendation of ministry of finance, the prime minister…

Asian markets built on the past week’s gains Friday following another rally on Wall Street as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were buoyed by…

Oil prices surged more than two percent in Asia on Wednesday after Donald Trump pulled the United States out of the Iran nuclear deal, fuelling fresh geopolitical uncertainty. Both main crude contracts have been rising in recent weeks to reach three-and-half-year highs on expectations the president would withdraw from the 2015 pact, which opened up…

Oil prices slipped in Asia on Tuesday morning from three-and-a-half-year highs as investors cautiously await Donald Trump’s Iran nuclear decision later in the day. The US president announced in a tweet that he would make an announcement at 1800 GMT on whether or not to tear up the agreement with Tehran and reimpose painful sanctions…

SINGAPORE: Oil prices dropped by 1 percent on Tuesday, extending falls from the previous session as global financial markets headed south in the wake of one of the biggest intra-day falls ever registered on Wall Street, reported Reuters. Brent crude oil futures LCOc1 were at $66.93 per barrel at 0352 GMT, down 69 cents, or…

ISLAMABAD: The government Wednesday revised the prices of petroleum prices for the month of February 2018 and decided to increase the price petrol by Rs 2.98 per litre to Rs 84.51. The new prices will be applicable from February 01, 2018, a statement issued by the ministry of Finance said. The price of High Speed…

ISLAMABAD: On the New Year eve, the government dropped ‘petrol bomb’ on masses, raising petroleum prices for the next month by upto Rs.6.79 per liter. Briefing the media in Islamabad this evening Advisor to Prime Minister for Finance Miftah Ismail said prices of petrol has been increased by Rs.4.06 per liter; High Speed Diesel and…

NEW YORK: US oil prices finished above $60 a barrel for the first time since June 2015 after new data suggested American producers were being cautious about ramping up output. The benchmark US contract, West Texas Intermediate for February delivery, climbed 58 cents to finish at $60.42 a barrel. Meanwhile, Brent North Sea crude for…

Oil prices in New York jumped to a two-and-a-half year high Tuesday and briefly topped $60 a barrel due to a Libyan pipeline explosion and frigid weather in the US. The benchmark US contract, West Texas Intermediate for February delivery, rose $1.50 to $59.97 a barrel after earlier breaching $60 for the first time since…

TOKYO: Oil fell on Monday after U.S. shale drillers added more rigs last week, but prices held not far off their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers, reported Reuters. Drillers in the United States added two oil rigs in the week to Dec….

SINGAPORE: Oil prices edged up on Friday, supported by signs of tightening supply and demand fundamentals, although a warning about excessive China economic optimism still weighed somewhat on markets, reported Reuters. Brent crude futures LCOc1, the international benchmark for oil prices, were at $57.39 at 0420 GMT, up 16 cents, or 0.28 percent from their…

TOKYO: Oil prices clung to this month’s high on Tuesday after Iraqi forces seized the oil-rich city of Kirkuk from largely autonomous Kurdish fighters while Asian shares held firm on optimism about upcoming earnings, reported Reuters. Short-term U.S. bond yields and interest rates jumped after a report U.S. President Donald Trump favored Stanford economist John…

TOKYO: Oil prices extended gains on Tuesday, with Brent crude hitting a 26-month high, supported by Turkey’s threat to cut crude flows from Iraq’s Kurdistan region to the outside world, reported Reuters. London Brent crude for November delivery LCOc1 was up 46 cents at $59.48 a barrel by 0356 GMT after settling up 3.8 percent…

ABU DHABI: OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday. United Arab Emirates Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in…

SINGAPORE: Oil prices slid on Wednesday but gasoline spiked to their highest since July 2015 as flooding and storm damage in the wake of Hurricane Harvey has shut one-fifth of U.S. oil refineries, crimping demand for crude but raising fears of a fuel shortage, reported Reuters. U.S. West Texas Intermediate (WTI) crude futures CLc1 were…

SINGAPORE: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States, reported Reuters. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures…

SEOUL: Oil prices fell nearly 1% on Friday to hit two-week lows, dragged lower by persistent oversupply worries despite a bigger-than-expected drawdown in US crude inventories, reported Reuters. Investors were also keeping a close eye on the broad market impact of tensions between the United States and North Korea. Brent crude, the global benchmark, was…