Pakistan is likely to announce a petroleum price reduction after global oil prices declined, Petroleum Minister Ali Pervaiz Malik said on Wednesday. He told Geo News that the government would soon share “good news” on fuel prices.
Malik said Prime Minister Shehbaz Sharif had directed officials to pass any relief from lower international oil prices on to consumers. As a result, the government is reviewing the latest market trend.
Meanwhile, global crude prices fell after US and Iranian officials agreed on a framework aimed at ending their conflict. The agreement could also reopen the Strait of Hormuz, a key route for global energy supplies.
Read: Oil Prices Fall 4% as Brent Hits Three-Month Low
Brent crude futures fell below $80 per barrel, the lowest level since the conflict escalated earlier this year. Traders reacted to expectations that Iranian oil could return to international markets.
Malik said higher fuel prices during the conflict had increased pressure on household budgets. However, he added that the government wanted to provide relief whenever market conditions allowed.
He also said falling international prices had strengthened the case for lower domestic fuel rates. Moreover, he reiterated that the prime minister had promised to transfer any benefit from lower global oil prices directly to the public.
The government has not yet announced the size of any reduction or the date of a price adjustment.