Petroleum Minister Ali Pervaiz Malik has said the government will soon share good news regarding a reduction in petroleum prices.
He said the public has been under financial strain due to higher fuel prices, adding that the recent US-Iran conflict disrupted global markets and contributed to the increase.
According to the minister, the rise in petroleum prices has placed extra pressure on household budgets. He also said the Prime Minister has instructed the government to reduce fuel prices whenever there is room to provide relief.
Ali Pervaiz Malik explained that global markets are expecting Iranian crude oil to return to international supply, which has already started pushing oil prices downward.
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He said the Prime Minister has promised to pass on any relief from lower international oil prices directly to the public. He added that the decline in global oil prices is expected to help bring down domestic fuel prices as well.
The minister also said that Pakistan’s leadership, including the Prime Minister, the Field Marshal, and the Deputy Prime Minister, has been appreciated by international observers for its efforts.