International Oil Prices Plunge by 5%

Oil prices have dropped by five per cent to a three-week low. Worries that the interest rate hikes from major central banks could retard the global economy. This will decrease the energy demand, which will lead to a drop in demand for oil and other fossil fuels.

The diesel price at the pump hit a record high of $5.798 per gallon on 17 June. Analysts worried that high pump prices would reduce the demand. However, the further fall in international fuel prices might relax the prices in Pakistan, which have significantly increased with the government’s decision to remove subsidies on fuel.

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