Govt signals petroleum price cut as global oil rates ease

Federal Minister for Petroleum Ali Pervaiz Malik has indicated that the government may reduce petroleum product prices on Friday following a decline in international oil prices.

Speaking to a private news channel, Malik said the government expected to provide relief to consumers who had faced higher fuel costs and pressure on household budgets during the US-Iran conflict.

The government has been reviewing petroleum prices weekly since the US-Israeli conflict with Iran began on February 28. The next decision on domestic fuel prices is due on Friday.

Malik said Prime Minister Shehbaz Sharif had directed the government to reduce petroleum prices to the extent permitted by movements in the global market.

He added that the expected return of Iranian crude oil supplies to the international market was contributing to the decline in global prices.

According to the minister, the prime minister had assured the public that any benefit arising from lower international oil prices would be passed on to domestic consumers.