Petrol prices set for major relief

A reduction in petroleum prices was announced by Prime Minister Shehbaz Sharif on Friday during his address in the National Assembly, where he linked the move to falling global oil prices and improving regional stability following a recent ceasefire framework in the Middle East.

He told lawmakers that weekly pricing adjustments would reflect international market trends and that consumers would receive significant relief as crude oil prices continued to decline.

He said that consultations with provincial governments had been held to ensure pass-through of benefits to the public and added that chief ministers had shown commitment to easing financial pressure on households.

Sharif also referred to a recent telephone call with the Iranian president, noting that bilateral relations and regional cooperation were discussed, along with appreciation expressed for Pakistan’s diplomatic role.

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He added that Pakistan would continue to engage in regional diplomacy and that an official delegation would attend the funeral ceremonies of Iran’s supreme leader Ali Khamenei, following an invitation extended to Pakistan.

The prime minister praised various state institutions for their coordination in foreign policy and economic management while reiterating that national unity was essential for stability and development.

Officials indicated that further reductions in fuel prices could follow if international crude markets remain stable, with the government monitoring fluctuations closely to adjust domestic rates accordingly.

The announcement comes at a time when inflationary pressures remain a key concern for households, with fuel costs directly impacting transport, food prices, and overall economic activity across the country. Analysts say that any sustained decrease in petroleum prices may provide short-term relief but long-term stability will depend on global energy markets and domestic fiscal management decisions.

Further updates are expected after the official notification of new petroleum prices is issued later in the day by the government authorities soon.