Islamabad: Prime Minister Shehbaz Sharif has directed authorities to immediately pass on the benefit of falling international oil prices to consumers, Petroleum Minister Ali Pervaiz Malik said on Thursday.
The announcement comes as global crude oil prices have dropped sharply following a diplomatic breakthrough between the United States and Iran.
As a result, expectations are growing that petrol and diesel prices in Pakistan could see another reduction in the coming days.
Government Announces Consumer Relief
Speaking in a statement, Malik said the prime minister had instructed relevant authorities to ensure that the public benefits from lower international oil prices.
“International oil prices are falling, and the prime minister has directed that the benefit be transferred to the public immediately,” the minister said.
According to Beyond Time News, the government wants to make sure that any reduction in global oil prices is reflected in domestic fuel rates.
The announcement has been welcomed by consumers who have faced repeated fuel price increases over recent months.
New Petroleum Pricing Formula Being Prepared
The petroleum minister also announced the formation of a high-level committee.
The committee will prepare a new pricing formula for petroleum products.
The aim is to make future fuel price adjustments more transparent and easier for the public to understand.
Malik said the proposed mechanism would be finalized after consultations with all relevant stakeholders.
He added that the government wants consumers to know why fuel prices rise or fall.
Oil Prices Drop in International Markets
Global oil prices declined after reports of a diplomatic agreement between the United States and Iran.
The development improved expectations about future oil supplies.
As a result, traders reacted positively and crude prices moved lower.
Brent crude futures fell by more than $2 per barrel to $77.41.
Meanwhile, US West Texas Intermediate crude dropped to $74.43 per barrel.
The decline marked one of the biggest falls in recent weeks.
Pakistan Reviews Energy Security Strategy
Malik said the government is also reviewing its energy security policy.
According to the minister, Pakistan managed recent regional challenges without major disruption to its oil supply chain.
He thanked government institutions and stakeholders for helping maintain stability during a difficult period.
“In view of this regional challenge, the government is also reviewing its energy-security paradigm,” he said.
Several measures are being planned to strengthen the country’s energy security in the coming months.
Fuel Prices Have Seen Major Changes
Pakistan’s fuel prices have fluctuated significantly this year.
Earlier, rising global oil prices forced the government to increase petroleum rates several times.
The biggest increase came in April.
At that time, petrol prices reached a record high after a sharp increase of Rs137 per litre.
Later, the government introduced a number of relief measures.
These included reductions in petroleum levies and multiple fuel price cuts.
Last week, petrol prices were reduced by Rs4 per litre.
High-speed diesel prices were also cut by Rs2 per litre.
Earlier this month, petrol prices were lowered by another Rs4 per litre.
Before Eid, the government announced a larger reduction of Rs22 per litre.
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More Relief Expected
The latest fall in global oil prices has raised hopes of further relief.
Although officials have not announced the exact amount, another reduction is widely expected.
The final decision will depend on international market trends and domestic pricing calculations.
For now, consumers will be closely watching the government’s next fuel price review.
FAQs
Why did PM Shehbaz Sharif order fuel price relief?
The prime minister directed authorities to pass on the benefit of falling international oil prices to consumers.
Why are global oil prices falling?
Oil prices have declined because expectations of improved global oil supplies have reduced market concerns.
Will petrol prices decrease in Pakistan?
The government’s announcement has increased expectations of another reduction in petrol and diesel prices.
What is the new fuel pricing formula?
A high-level committee is preparing a transparent mechanism for future petroleum price adjustments.
When will the next fuel price review take place?
The government is expected to announce revised fuel prices during its next scheduled review.
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