Pakistan is likely to witness a major reduction in petroleum prices, with officials indicating a possible cut of up to Rs100 per litre following a decline in global oil rates.

According to sources, petrol prices may drop by Rs70 to Rs78 per litre, while high-speed diesel could see a reduction of Rs90 to Rs100 per litre. The expected relief comes after a downward trend in international oil markets.

Officials said the benefit of falling global prices would be passed on directly to consumers.

The Oil and Gas Regulatory Authority (OGRA) is set to finalise its pricing working today, after which the Petroleum Division will seek approval from the prime minister before issuing a formal notification.

Reports noted that global oil prices had surged by around 17 per cent over three days last week but fell nearly 16 per cent following a ceasefire between the United States and Iran. A slight uptick was also observed towards the end of the week.

The federal government will announce the revised prices after completing the approval process.