The possibility of reducing fuel prices in the country has increased after a decline in petroleum product prices in the global market.

An announcement of a possible reduction in petroleum product prices in the country is expected on June 1. The petrol and diesel prices may decrease by up to Rs4 each respectively, reports said.

The decline in global petroleum product prices and the subsequent impact on domestic fuel prices is being closely monitored by the relevant authorities.

This development comes in the wake of the country’s efforts to provide relief to consumers amidst the rising cost of living.

The impending price adjustments are expected to provide some respite to the public, who have been grappling with the burden of high fuel prices in recent months.

Earlier this month, the government slashed the prices of petrol and high-speed diesel by Rs15.39 and Rs7.88, respectively, for the next fortnight.

Fuel prices are determined by a number of factors including international prices, the Pakistani rupee’s exchange rate and the amount of tax levied by the government.