Pakistan is likely to reduce petroleum product prices by PKR 60 to 100 per liter following a decline in global oil markets, according to official sources.

Following the announcement of a ceasefire between the United States and Iran that eased supply concerns, the price of diesel price went down to $135 on Wednesday from $238 per barrel on Tuesday.

Prime Minister Shehbaz Sharif has issued special directives after the drop in global oil prices, instructing authorities to ensure that the public benefits from the relief, government sources said.

Following the prime minister’s instructions, the finance and petroleum ministries, along with other relevant departments, have begun consultations on adjusting domestic fuel prices.

Officials said that a final decision will be made after monitoring Arab crude oil prices over the next two days.

Global petroleum prices have already declined by as much as 16%, according to sources, raising expectations of significant relief for consumers in Pakistan.

On April 3, the government had raised the price of petrol by PKR 137 and diesel by PKR 184 per liter.

However, the very next day, PM Sharif announced a cut of PKR 80 per liter in the petrol price.

Thus, petrol is currently prices at PKR 378 per liter and diesel at PKR 520 per liter.