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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”.
