Pakistan likely to cut oil prices as PM directs pass-through of global fall

Oil prices in Pakistan are expected to decline significantly after Prime Minister Shehbaz Sharif directed authorities to immediately pass on the benefit of falling international crude prices to consumers, prompting the government to form a high-level committee to develop a transparent weekly mechanism for determining petroleum product prices, Petroleum Minister Ali Pervaiz Malik said on Thursday. Federal Minister for Petroleum Ali Pervaiz Malik said in a statement on X that the diplomatic efforts of the government are bearing fruit and Iran and the US are moving towards a ceasefire agreement, the positive effects of which have also started becoming evident in global energy markets.