Prime Minister Shehbaz Sharif has announced that the government intends to reduce petrol prices substantially after oil prices retreated following a US-Iran peace deal.
“We had promised that we would bring the price of petroleum products down and repay each penny to the people,” he said during his address to the National Assembly in Islamabad on Friday.
“So today, after our weekly review, we will announce a significant reduction [in the price of petroleum products],” the prime minister said, praising his ministers for managing the oil crisis.
In the previous weekly review, the federal government slashed the prices of petrol and diesel by Rs4 and Rs2 per litre, respectively, for the week ending June 19.
Oil prices fell further on Friday as prospects for more supply brightened after oil tankers began moving through the reopened Strait of Hormuz following the peace deal, for which Pakistan was the main mediator.
The government, which would review the price of petroleum products on a fortnightly basis, has been reviewing petroleum prices on a weekly basis since the US-Israeli conflict with Iran on February 28.
This is a developing story and is being updated with more details.
