Oil prices fall to three-month low in global market

In international trading, Brent crude dropped $3.20 to settle at $79 per barrel.

Global crude oil prices fell to their lowest level in three months, extending a downward trend following developments in the Iran–US agreement.

In international trading, Brent crude dropped $3.20 to settle at $79 per barrel.

US West Texas Intermediate (WTI) crude declined $2.86 to $77 per barrel, while UAE’s Murban crude was trading at $72 per barrel.

Oil prices had also recorded a decline in the previous trading session, continuing pressure in the global energy market.

Punjab Information Minister Azma Bukhari said petroleum prices in Pakistan are expected to come down following the reopening of the Strait of Hormuz after the Iran–US agreement, adding that any reduction in global oil rates will be passed on to the public.

Addressing a news conference, she said the provincial government would ensure that relief from lower fuel prices reaches citizens.

Bukhari said Punjab has presented a balanced, tax-free budget, noting that the Punjab Revenue Authority collected 34% more revenue compared to last year. She added that tax collection institutions will be strengthened to improve revenue generation through internal resources.

She said large business entities that do not pay taxes will now be brought into the tax net, while measures have been proposed in the budget to increase tax revenues.

The minister said Chief Minister Maryam Nawaz has made it clear that no new taxes will be imposed in the budget, but those evading taxes will be required to pay.

Referring to the budget session, Bukhari said the chief minister attended the proceedings despite undergoing surgery, despite doctors advising rest.