Pakistan hints at slicing gas costs after US-Iran deal, eases Center East tensions | World Information
2 min learnJun 18, 2026 10:00 PM IST
Pakistan’s Petroleum Minister Ali Pervaiz Malik on Wednesday hinted that the federal government is contemplating decreasing gas costs following the announcement of a peace settlement between the US and Iran.
Chatting with Geo Information, Malik stated the federal government would “convey excellent news concerning a discount in petroleum costs” after the 2 nations agreed on a framework to finish hostilities. He added that Prime Minister Shehbaz Sharif had beforehand assured the general public that any fall in international oil costs can be handed on to customers.
The US and Iran have agreed to a peace deal, which they plan to formalise by Friday, June 19, 2026. Each nations have dedicated to concluding a last settlement upon signing a 14-point Memorandum of Understanding. The accord is geared toward halting the US blockade of Iran and reopening the Strait of Hormuz, a important chokepoint for international oil and fuel provides. The battle started on February 28, 2026, when US and Israeli forces struck Iran.
The announcement despatched oil costs sharply decrease. Brent crude fell under $80 a barrel — its lowest degree because the battle started in March — whereas West Texas Intermediate (WTI) additionally declined. The prospect of Iranian oil returning to international markets lifted hopes that inflation may ease, and the drop in crude costs pulled bond yields decrease as properly.
The worth aid comes at a important time for Pakistan. The nation’s oil and petroleum import invoice climbed to $800 million final month, and the federal government has been struggling to handle the pressure of quickly rising vitality prices, a priority Malik raised throughout a current Cupboard assembly.
(Written by Paramita Datta, who’s an intern with The Indian Specific)
