Petrol price likely to be reduced by up to Rs 100 per liter

ISLAMABAD: After the continuous decline in crude oil prices in the global market, a significant reduction in the prices of petroleum products is also being shown in Pakistan.

According to details, the effects of the ceasefire between Iran and the US and positive diplomatic developments are starting to be noticeable on the global oil market. Crude oil prices are declining rapidly globally, due to which petrol and diesel prices in Pakistan are expected to decrease by Rs 70 to 100 per liter.

According to reports, the Petroleum Division has not yet completed the formal work regarding the reduction in prices, however, the government is considering various proposals.

Prime Minister Shehbaz Sharif wants the direct benefit of the reduction in prices in the global market to be conveyed to the people so that the burden of inflation can be reduced.

Government sources say that consultations are underway to determine the new prices of petroleum products, and the final decision will be made under the current formula.

After the work is completed, a summary will be sent to the Prime Minister, after whose approval the new prices are expected to be announced.

It should be noted that the price of crude oil in the global market has decreased by more than 7 percent. American crude oil is trading at $79 per barrel, while British Brent crude oil is trading at around $81 per barrel.

Economists say that if this trend continues in the global market, Pakistan may see a significant reduction in the prices of petroleum products, which will provide considerable relief to the public.