ISLAMABAD – The federal government has hinted at reducing the petrol prices in Pakistan after global oil prices saw massive decline following the ceasefire agreement between the US and Iran.
In international market, oil prices dropped sharply on Wednesday, slipping below the $100-per-barrel mark, after US President Donald Trump announced a tentative two-week ceasefire with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz.
Brent crude fell $14.84, or 13.6%, to settle at $94.43 per barrel, while West Texas Intermediate (WTI) dropped $16.13, or 14.3%, to $96.82 per barrel as of 0023 GMT.
Earlier, Donald Trump has announced a two-week ceasefire with Iran, saying the decision follows discussions with Pakistan’s Prime Minister Shehbaz Sharif and Field Marshal Asim Munir.
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.
Current Petrol Prices
Currently, petrol is now priced at Rs378.41 per liter, while high speed diesel costs Rs520.35 per liter.
Light Diesel Oil (LDO) is being sold at Rs395.03 per liter, and Superior Kerosene Oil (SKO) is priced at Rs467.48 per liter.
What’s Expected on April 10
The federal government is set to conduct weekly review of petrol prices on April 10 (Friday). The public is likely to get big relief this week if a decision is taken in the cabinet meeting to cut the petrol prices.
