ISLAMABAD: Following the US-Iran peace agreement, petrol prices are likely to see a major decline. However, various proposals remain under consideration regarding the exact scale of the price cuts, ARY News reported.
The positive impacts of the historic US-Iran deal have already begun surfacing in the international oil market, where oil prices have plummeted by 7%. US crude oil has dropped to $76 per barrel, while Brent crude (UK) is trading at $81 per barrel.
This international downward trend has raised expectations of a substantial relief package in Pakistan. Sources indicate that in light of the global market crash, local petrol and diesel prices could be slashed by up to Rs. 40 per litre.
However, sources within the Petroleum Division stated that no official working paper has been prepared yet regarding a reduction in fuel prices.
A final decision on slashing petroleum prices will not be made ahead of the weekly revision. Nevertheless, high-level consultations are underway, as Prime Minister Shehbaz Sharif is keen on passing the maximum possible relief on to the public.
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Sources added that the price adjustments will strictly follow the established formula, and the official announcement will be made once the evaluation framework is finalized. According to government insiders, the Prime Minister himself is expected to announce the new petroleum rates.