ISLAMABAD, JUN 17: Federal Minister for Petroleum Ali Pervaiz Malik has said that the government is expected to announce “good news” regarding a possible reduction in petroleum product prices.

“We will bring good news regarding a reduction in petroleum prices,” the minister said while speaking with Geo News, acknowledging that the public had already faced difficulties due to regional tensions following the US-Iran conflict.

The minister’s statement comes days after US and Iranian officials agreed on a framework to end their war, which began when US and Israeli forces attacked Iran on February 28, to halt the US blockade of Iran and reopen the Strait of Hormuz, a key supply route for global oil and gas.

Tumbling crude prices on news that Iranian fuel may soon hit global markets promised inflation relief and pushed bond yields lower on Wednesday.

Brent crude futures dived below $80 to the lowest since the opening salvos of the US-Iran conflict in March.

The petroleum minister told Geo News that the increase in fuel prices during the Iran war had affected household budgets in the past, but the government was committed to providing relief where possible.

“There is a promise and the prime minister’s direction that we will reduce prices to the extent possible,” Malik added.

The minister added that the availability of Iranian crude oil in global markets could help ease prices. “On this expectation, oil prices are falling in the international market,” he added.

The petroleum minister further stated that PM Shehbaz had promised that any reduction in global oil prices would be passed on to the public.

“The prime minister had assured that whenever global prices fall, the benefit will be transferred to the people,” he said.