ISLAMABAD: The positive impact of recent negotiations between the United States and Iran has begun to influence the global market, leading to a decline in oil prices that is expected to bring major relief to the people of Pakistan. The reduction in international tensions has stabilised the energy market, with the benefits now poised to reach local consumers directly.
According to sources, recommendations are currently being prepared to reduce petroleum product prices in the country in line with falling global rates. In this regard, the Oil and Gas Regulatory Authority (OGRA) has compiled a detailed report after reviewing the global market situation, and the price summary has entered the final stages of preparation.
Officials stated that the OGRA summary includes proposals for a significant reduction in petrol and other product prices. This important document will soon be forwarded to the Ministry of Finance for review before being sent to Prime Minister Shehbaz Sharif for final approval. A formal announcement regarding the reduction in petroleum prices will be made as soon as the Prime Minister gives the green light.
