Prime Minister Shehbaz Sharif on Friday said that a ‘significant’ reduction in petroleum prices will be announced later on the day, after a sharp decline in the global markets following a ceasefire between Iran and the United States.

Addressing the National Assembly, PM Shehbaz said lower international oil prices had created room for relief measures and noted that the government had previously spent Rs128 billion ($452 million) to shield consumers from the impact of higher fuel costs and inflation driven by regional tensions.

“We will announce new petroleum prices today, including a significant reduction in fuel rates,” Shehbaz Sharif said.

The prime minister said Pakistan had gained international recognition for its role in facilitating the peace agreement between Iran and the United States, describing the development as a diplomatic achievement that would usher in a new era of prosperity, economic cooperation and stronger bilateral relations between Islamabad and Tehran.

“Pakistan is being acknowledged around the world for helping bring about this peace deal,” he said.

PM Shehbaz thanked Chief of Army Staff and Chief of Defence Forces Field Marshal Syed Asim Munir for his role in efforts to establish regional peace and also acknowledged the contributions of Deputy Prime Minister and Foreign Minister Ishaq Dar and Interior Minister Mohsin Naqvi.

He urged opposition parties to join the government in projecting a message of national unity, saying the success belonged to the entire nation.

PM Shehbaz said Iranian President Masoud Pezeshkian had called him on Thursday to thank Pakistan and its people for supporting Iran during a difficult period.

The Pakistani leader said he had invited Pezeshkian to visit Pakistan and that the Iranian president had also invited him to attend the funeral prayers of Iran’s Supreme Leader, Ayatollah Ali Khamenei. PM said a Pakistani delegation would participate in the funeral.

The prime minister expressed hope that the ceasefire would improve economic conditions in both countries and contribute to greater regional stability.

He also thanked provincial governments for their cooperation in addressing economic challenges and acknowledged the roles of Iran, the United States, Qatar, Saudi Arabia, Turkiye and China in supporting the peace initiative.

He described the diplomatic breakthrough as a historic moment for Pakistan and said the country had earned international respect for its efforts.