ISLAMABAD: Petrol and diesel prices in Pakistan are expected to decrease following a downward trend in international oil prices amid growing prospects of a possible US-Iran peace deal aimed at ending the conflict.
Sources said the initial working for the revision in petroleum prices has been completed.
Official sources stated that the Oil and Gas Regulatory Authority (OGRA) is preparing to forward its recommendations to the Petroleum Division after completing preliminary calculations.
However, the final decision regarding revised petrol and diesel prices will be announced only after approval from Prime Minister Shehbaz Sharif.
If approved, petrol prices may decrease by Re1 per litre, while diesel prices are likely to fall by Rs2 per litre.
Sources added that petroleum prices could instead increase if the government decides to raise the petroleum levy.
According to sources, an increase in the levy could raise petrol prices by up to Rs15 per litre and diesel prices by as much as Rs16 per litre.
Currently, the government is charging a petroleum levy of Rs103.50 per litre on petrol and Rs28.69 per litre on diesel.
Meanwhile, Federal Finance Minister Muhammad Aurangzeb said any decision regarding changes in petroleum prices would be announced by the Ministry of Petroleum.
He clarified that the final authority for announcing petroleum product prices rests with the relevant ministry, adding that the government is reviewing various measures to provide relief to the public.
Aurangzeb said the impact of fluctuations in global oil prices is being assessed and efforts are underway to further improve the country’s economic situation.
In the international market, oil prices rose on Friday after renewed tensions erupted between the United States and Iran, threatening a fragile ceasefire and reducing hopes for progress toward reopening the Strait of Hormuz, a key route for global oil and liquefied natural gas shipments.