ISLAMABAD: In a major relief expected for people across the country, petroleum product prices are likely to witness a reduction for the third consecutive week amid declining global oil prices.
According to sources, the government is reviewing new weekly petroleum prices today, after which an official announcement is expected.
Sources said the impact of falling crude oil and petroleum product prices in the international market is also being reflected in Pakistan, prompting authorities to consider a significant cut in fuel prices.
Under the proposed revision, petrol prices are likely to be reduced by around Rs8 per litre, while high-speed diesel may see a major reduction of up to Rs30 per litre.
If approved, the reduction is expected to provide relief not only to the general public but also to the transport, agriculture, and business sectors, which heavily rely on fuel.
Sources further revealed that the final decision regarding petroleum prices will be taken after approval from Prime Minister Shehbaz Sharif, while the Petroleum Division will formally announce the revised rates.
Under the existing policy, the new fuel prices will remain effective for one week.
However, experts cautioned that until an official notification is issued by the government, the proposed reductions cannot be considered final. The public and business community are now awaiting the official announcement regarding the new petroleum prices.
