Following a sharp decline in global oil prices, petroleum products in Pakistan are expected to become significantly cheaper.
According to industry sources, crude oil prices have dropped by up to 15 percent in the international market. As a result, petrol prices may decrease by as much as Rs. 55 per litre, while diesel could see a reduction of Rs. 95 to Rs. 100 per litre.
It is noteworthy that global oil prices fell sharply following the ceasefire announcement between the United States and Iran by US President Donald Trump. This development triggered a strong positive reaction in international financial markets, with oil prices declining and stock markets showing significant gains.
According sources, the government may also outline its strategy regarding petroleum prices and consumption. Measures related to tackling the energy crisis and promoting fuel conservation are also expected to be discussed.
Sources add that Prime Minister Shehbaz Sharif will appeal to the public to demonstrate national unity and responsibility during challenging times.
It is worth noting that a federal cabinet meeting will held today under the chairmanship of Prime Minister Shehbaz Sharif, where Pakistan’s future diplomatic strategy will be reviewed in light of regional tensions. Measures related to public relief and economic stability are also part of the agenda.
After the meeting, the Prime Minister is expected to meet the President, and he may also address the nation later today to take the public into confidence on key issues. The government’s roadmap for national stability, economic improvement, and the establishment of peace is also likely to be shared with the public.
Also Read: Oil prices crash 16% after Trump announces temporary truce with Iran
