Pakistan hints at cutting fuel prices after US-Iran deal, eases Middle East tensions
Fuel prices have been falling globally, driven by a proposed US-Iran peace agreement and easing supply concerns.
Malik added that Prime Minister Shehbaz had assured that whenever global oil prices fall, the benefit will be passed on to the public.
(File photo) Pakistan’s Petroleum Minister Ali Pervaiz Malik on Wednesday hinted that the government is considering reducing fuel prices following the announcement of a peace agreement between the United States and Iran.
Speaking to Geo News, Malik said the government would “bring good news regarding a reduction in petroleum prices” after the two countries agreed on a framework to end hostilities. He added that Prime Minister Shehbaz Sharif had previously assured the public that any fall in global oil prices would be passed on to consumers.
The US and Iran have agreed to a peace deal, which they plan to formalise by Friday, June 19, 2026. Both countries have committed to concluding a final agreement upon signing a 14-point Memorandum of Understanding. The accord is aimed at halting the US blockade of Iran and reopening the Strait of Hormuz, a critical chokepoint for global oil and gas supplies. The conflict began on February 28, 2026, when US and Israeli forces struck Iran.
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