Petroleum products likely to be reduced by up to Rs100

Petrol and diesel prices in the country are likely to decline following a fall in rates in the global market.

Sources divulged on Wednesday that a significant reduction in petroleum product prices is expected. Petrol may become cheaper by up to Rs55 per litre, while diesel prices may see a decrease of between Rs95 and Rs100.

The final decision on petroleum prices will be taken by the Prime Minister. Prime Minister Shehbaz Sharif is also expected to address the nation today, during which the government’s strategy regarding petroleum prices and consumption may be outlined.

It is pertinent to note that a strong positive response was observed in global financial markets following the announcement by US President Donald Trump of a two-week ceasefire with Iran.

After the ceasefire, global crude oil prices declined by 13 to 15 per cent. The price of Brent crude fell by $17.31 per barrel, dropping from $112 to $94.69 per barrel.

In the international market, US crude oil prices also declined by $19.25, with WTI falling from $115 per barrel to $96.73.