Petroleum prices in Pakistan are expected to fall sharply following a steep decline in global crude oil prices after the ceasefire in the region.

Industry sources said international oil prices have dropped by nearly 15%, opening the door for significant relief to consumers.

Petrol prices could be reduced by Rs60 to Rs70 per litre, while diesel may see a cut of up to Rs110 per litre.

The government has begun a detailed review of petroleum pricing, with Prime Minister Shehbaz Sharif issuing directives to assess the potential reduction.

Officials said consultations are ongoing, and the final decision on price cuts will be taken by the prime minister after reviewing all factors.

The expected reduction comes as easing regional tensions stabilise energy markets, offering potential relief to inflation-hit consumers.