PM Shehbaz says 'significant reduction' to be announced in fuel prices amid global decline

Prime Minister Shehbaz Sharif said on Friday that a “significant” reduction in fuel prices would be announced later in the day, following the swift decrease in global oil prices after the signing of a memorandum of understanding between the US and Iran to cease hostilities and end a more-than-three-month war. “Today, we have to announce the weekly revision in oil and petrol prices. And I will say just this much: as promised by the government to pass on the relief to the people after oil prices fall, a significant decrease in the prices will be announced today,” he said during an address to the National Assembly (NA). He noted that global oil prices were swiftly falling after the recent agreement between the US and Iran. “Surely, they will decline further,” he added. The premier then recounted that the prices had risen sharply after the US-Israeli war on Iran began, resulting in an “storm of inflation”. “While the people of Pakistan made every humanly possible effort to save the economy, the federal government immediately spent Rs128 billion rupees to bring inflation to the lowest possible level,” he recalled. But now, he said, “the sun of progress and prosperity is about to rise”. In this connection, he also thanked provincial governments for “extending their full support and leaving no stone unturned in providing relief to the people”. He further thanked Petroleum Minister Ali Pervaiz Malik, Finance Minister Muhammad Aurangzeb, Federal Board of Revenue Chairman Rashid Mahmood Langrial and Planning Minister Ahsan Iqbal for their efforts to keep the economy on track as the world reeled from the financial impact of the US-Israeli war on Iran. The prime minister began his address by noting that Pakistan had earned respect globally after mediating between the US and Iran. “Several countries have sought such respect for centuries, but could not get the respect that God has blessed Pakistan with today. From Japan to Saudi Arabia, from Kuala Lumpur to Casablanca and from M