ISLAMABAD – Pakistan is likely to witness a significant reduction in petroleum prices in upcoming weekly review as global oil markets react positively to the reported ceasefire between the United States and Iran, according to official and industry sources.
Reports said that a sharp decline in international crude oil prices has raised the possibility of a substantial cut in fuel prices in Pakistan.
They suggested that a decrease of more than Rs40 per litre in petrol and diesel.
However, officials in the Petroleum Division stated that no final working has yet been prepared regarding the proposed price revision.
Although discussions are underway ahead of the next weekly price adjustment, no final decision has been taken so far. The Petroleum Division is reviewing multiple proposals before submitting a recommendation under the official pricing mechanism.
Officials added that Prime Minister Shehbaz Sharif is keen to ensure that any benefit from falling global prices is directly passed on to the public.
Government sources further said that the final decision will be made according to the prescribed pricing formula, after which a formal announcement of new fuel prices will be issued. They added that the expected reduction will likely be announced by the prime minister himself.
