The federal government is expected to announce new prices of petroleum products today. Due to the continuous decline in global market prices, there is a strong possibility that the government may provide further relief to the public by reducing the prices of petrol and high-speed diesel.

Last week, despite a significant drop in crude oil prices in the global market, the government decided to keep fuel prices unchanged instead of reducing them. This decision was criticised by the public and the transport sector.

Now, crude oil prices in the global market have fallen further. Last Friday, Brent crude was around $72.6 per barrel, while today it is trading between $71.8 and $72 per barrel, showing a slight decline over the week.

It should be noted that the current official price of petrol in the country is around Rs 299.50 per litre, while high-speed diesel is priced at around Rs 311.47 per litre. When the government set petrol prices at approximately Rs 299.50 per litre, Brent crude was around $77 per barrel in the global market. Since then, crude oil prices have fallen by about $5 per barrel.