ISLAMABAD: Consumers across Pakistan are expected to receive relief on petroleum prices as the government prepares to announce a possible reduction in fuel rates today, with Prime Minister Shehbaz Sharif anticipated to unveil the revised pricing structure.
According to official sources, global crude oil prices have witnessed a notable decline following reports of a ceasefire agreement between Iran and the United States. The easing of geopolitical tensions has helped stabilize international energy markets, leading to a downward trend in oil rates.
Earlier, Minister for Petroleum Ali Pervaiz Malik stated on the social media platform X that diplomatic efforts led by the Prime Minister, along with coordination from senior military and civil leadership, had contributed to progress on the ceasefire understanding between Tehran and Washington.
He noted that the Prime Minister had directed authorities to ensure that the benefit of falling global oil prices is passed on to consumers without delay. In this regard, a high-level committee has been formed to develop a transparent weekly pricing formula for petroleum products.
According to the officials, the new formula is intended to ensure that changes in the prices of fuel become more predictable and understandable for everyone, helping them grasp the factors behind the prices in their country.
The Petroleum Minister also emphasized that despite regional tensions, Pakistan’s fuel supply chain remained stable and uninterrupted. He added that the government is reviewing its broader energy security framework and working on additional measures to strengthen resilience in the sector.
A formal announcement regarding revised petroleum prices is expected later today.
