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Pakistan Minister Indicates Possible Fuel Price Reduction After US-Iran Pact

Published on: 18 Jun 2026, 04:30 PM

Pakistan's Petroleum Minister Ali Pervaiz Malik stated on Wednesday that the government is considering lowering fuel prices following reports of a peace agreement between the United States and Iran.

Speaking to Geo News, Minister 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 decline in global oil prices would be passed on to consumers.

According to reports, the United States and Iran have agreed to a peace deal that both sides plan to formalise by June 19, 2026. The accord is a 14-point Memorandum of Understanding intended to end the US blockade of Iran and reopen the Strait of Hormuz, a critical route for global oil and gas shipments. The conflict began on February 28, 2026, when US and Israeli forces struck Iran.

Minister Malik did not specify the amount or timing of any potential price cut, but noted that the government is monitoring international oil markets closely.

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