ISLAMABAD: The federal government has indicated that petrol prices in Pakistan may be reduced following a significant drop in global oil prices after the ceasefire agreement between the United States and Iran.
On the international market, oil prices fell sharply on Wednesday, slipping below the $100-per-barrel mark after US President Donald Trump announced a tentative two-week ceasefire with Iran. The ceasefire is contingent on the immediate and secure reopening of the Strait of Hormuz.
Brent crude dropped $14.84, or 13.6 percent, to settle at $94.43 per barrel, while West Texas Intermediate (WTI) fell $16.13, or 14.3 percent, to $96.82 per barrel as of 0023 GMT.
Earlier, Donald Trump announced a two-week ceasefire with Iran, saying the decision follows discussions with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir.
Read Also: Oil prices drop after US‑Iran ceasefire deal
Following the ceasefire, the prime minister has hinted at providing relief to inflation-hit people in the country by passing on the benefit of the dropping oil prices globally.
His statement comes as he is set to chair a meeting of the federal cabinet to discuss the evolving situation in the Middle East and extending benefits to Pakistanis.
Currently, petrol is priced at Rs378.41 per liter, high speed diesel costs Rs520.35 per liter, Light Diesel Oil (LDO) is sold at Rs395.03 per liter, and Superior Kerosene Oil (SKO) is priced at Rs467.48 per liter.
The federal government will conduct its weekly review of petrol prices on April 10 (Friday). The public may receive significant relief this week if the cabinet decides to cut petrol prices.