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Oil Prices Drop Over 2% Globally After Trump Hints at Iran Nuclear Deal; Domestic Petrol Hike Approved
Global oil prices fall over 2% as Trump hints at a possible nuclear deal with Iran. But relief at the pump may be limited — Pakistan's ECC approves a Rs4.12/litre hike in petrol & diesel prices to offset refinery and dealer losses.
ND
by News Desk
2025-05-15
Oil Prices Drop Over 2% Globally After Trump Hints at Iran Nuclear Deal; Domestic Petrol Hike Approved

Global oil markets saw a sharp decline following US President Donald Trump's statement hinting at progress on a nuclear agreement with Iran — a move that investors view as a potential game-changer for global oil supply dynamics.

“We are very close to making a nuclear deal with Iran,” Trump said during his visit to Qatar, adding that “very serious negotiations” were underway to ensure long-term peace.

In response, global oil prices fell by more than 2%:

  • Brent Crude is now trading at $64 per barrel
  • WTI Crude dropped to $62 per barrel
  • Global gas prices also dipped slightly to $3.45 per MMBTU

Petrol Price Hike Despite Global Dip

Despite the international drop in oil prices, Pakistan's Economic Cooperation Committee (ECC) has approved a Rs4.12 per litre increase in the prices of petrol and high-speed diesel.

The hike, as reported by journalist Khalid Mustafa in Jang and The News, is aimed at covering the losses of oil refineries, marketing companies, and fuel dealers.

The government plans to adjust this increase against the expected relief from declining global oil prices — effectively reducing the benefit that consumers might have received at the pump starting May 16.

Public Reaction & Outlook

While consumers were anticipating relief due to falling oil prices, the ECC decision may dampen expectations. The government is expected to officially announce the updated fuel prices later today.

The developments reflect the volatile intersection of geopolitics and domestic policy, where global events offer potential relief — but structural inefficiencies and sectoral losses limit the pass-through to the public.
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