ISLAMABAD: Petrol and diesel prices in Pakistan are expected to decrease significantly following a sharp decline in global oil markets.
According to industry sources, crude oil prices have fallen by up to 15 percent, raising the possibility of substantial relief for consumers.
Sources said petrol prices could drop by as much as Rs55 per litre, while diesel may see a reduction of Rs95 to Rs100 per litre.
However, the final decision regarding the reduction in petroleum prices will be made by Prime Minister Shehbaz Sharif.
On the other hand, following the announcement of a conditional two-week ceasefire between the United States and Iran, global crude oil prices have seen a sharp decline.
According to news agencies, Brent crude oil prices dropped by 16 percent, settling at $94 per barrel. WTI crude also fell, trading at around $95 per barrel.
Experts, however, caution that current prices remain significantly higher than pre-conflict levels; on February 28, before tensions escalated in the Middle East, crude was trading near $70 per barrel.
The recent surge in oil and gas prices was driven by regional instability, particularly threats from Iran targeting vessels passing through the Strait of Hormuz, which severely disrupted energy supply and caused global energy costs to spike.
