Summary Pakistan's government is expected to announce a reduction in petroleum prices today after global crude oil prices declined following the Iran-US ceasefire agreement.
ISLAMABAD (Dunya News) - Prime Minister Shehbaz Sharif is expected to announce a reduction in petroleum product prices today after a decline in international oil prices following the ceasefire agreement between Iran and the United States.
According to sources, global oil markets witnessed a downward trend after the two countries moved towards ending hostilities, creating room for relief in domestic fuel prices.
Earlier, Petroleum Minister Ali Pervaiz Malik said in a statement on X that the diplomatic efforts of Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir, the foreign minister and the interior minister were contributing to regional stability, with Iran and the United States nearing a ceasefire agreement.
The minister said the prime minister had directed authorities to pass on the benefit of lower international oil prices to consumers without delay. He added that a high-level committee had been formed to develop a transparent weekly pricing mechanism for petroleum products.
Malik said the new formula would help the public better understand the reasons behind fuel price adjustments and would be prepared in consultation with all relevant stakeholders.
He further stated that Pakistan's oil supply chain remained uninterrupted despite regional tensions and that the government was reviewing its energy security framework to strengthen preparedness for future challenges.
The petroleum minister added that several initiatives were under consideration to safeguard national interests and enhance energy security, while thanking stakeholders and the public for their cooperation during the period of uncertainty.
