Petroleum Minister Ali Pervaiz Malik said on Thursday that Prime Minister Shehbaz Sharif has directed authorities to immediately pass on the benefit of declining international oil prices to consumers amid easing tensions in the Middle East.

In a post on social media on Thursday, the minister said, “International oil prices are falling, and the prime minister has directed that this benefit be passed on to the public immediately.”

The minister said that “a high-level committee had been constituted to devise a transparent weekly fuel pricing mechanism … so that in the future, whenever needed, the public can understand the reasons for changes in prices.”

Malik added the work would be completed “in full consultation with all stakeholders”.

Referring to regional developments, Malik said, “The efforts of the prime minister, field marshal, foreign minister, and interior minister are bearing fruit, as Iran and the United States are moving toward signing a ceasefire agreement.”

The minister also thanked industry partners and the public for helping the government maintain the country’s oil supply chain without major disruptions during the recent period of uncertainty.

“The government is reviewing its energy security paradigm and plans to introduce various measures in the coming months to safeguard national interests,” he said.

Oil prices fell more than $1 per barrel today after the US and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz, and waive US sanctions on Tehran’s oil, boosting the oil supply outlook.

Earlier, US President Donald Trump also indicated that oil prices were “soon going to be at the number that they were four months ago”, suggesting that easing geopolitical tensions could lead to lower energy prices.