What will be petrol prices for next week?

ISLAMABAD: After the fall in crude oil prices in the global market after the Iran-US deal, a major reduction in the prices of petroleum products is expected in Pakistan as well, however, various proposals are being considered for reducing prices.

Sources say that in the context of a significant decrease in crude oil prices in the global market, petrol and diesel prices are likely to decrease by more than Rs 40 per liter in Pakistan as well.

However, Petroleum Division sources say that no final working paper has been prepared regarding the reduction in prices yet.

Sources also say that a decision to reduce the prices of petroleum products has not yet been taken before the weekly price revision, however, the consultation process in this regard is ongoing and Prime Minister Shehbaz Sharif is keen to directly pass on the benefit of the possible reduction in prices to the public.

According to Petroleum Division sources, various proposals for price reduction are being considered before Friday. The final decision will be made under the prescribed formula for determining prices and the new prices will be announced after the working is completed.

On the other hand, government sources say that Prime Minister Shehbaz Sharif himself will announce the expected reduction in the prices of petroleum products.

Meanwhile, crude oil prices in the global market have fallen by more than 7 percent. In the global market, American crude oil is trading at $76 per barrel while British Brent crude oil is trading at $81 per barrel.