ISLAMABAD: Federal Minister for Culture and National Heritage Huzaifa Rehman on Wednesday said that work is underway to provide relief in petroleum prices following directions from Prime Minister Shehbaz Sharif.
Speaking to ARY News, the minister said the prime minister has issued instructions to immediately reduce petrol and diesel prices and ensure that the benefits of declining global oil prices are passed on to the public.
He stated that the earlier increase in petroleum prices was made with a “heavy heart,” adding that the prime minister is fully aware of the financial difficulties faced by citizens.
Rehman further said that special measures are also being introduced to control inflation following the likely reduction in fuel prices.
He warned that strict action would be taken against those involved in profiteering after price cuts.
According to sources, petroleum prices in Pakistan are likely to be reduced by Rs30 to Rs60 per litre after a significant drop in global oil prices following the ceasefire between the United States and Iran.
The prime minister has directed relevant ministries to ensure that relief from lower international oil prices is transferred to consumers. Officials from the finance and petroleum ministries have begun reviewing proposals for the reduction.
Sources added that authorities will monitor global crude prices for the next two days before making a final decision.
Global oil prices have fallen by around 16 percent after the ceasefire announcement. In international markets, oil dropped below $100 per barrel, with Brent crude falling to $94.43 per barrel and West Texas Intermediate (WTI) to $96.82 per barrel.
The decline came after US President Donald Trump announced a two-week ceasefire with Iran, linked to the reopening of the Strait of Hormuz, a key route for global oil supply.