ISLAMABAD, June 19 -- Prime Minister Shehbaz Sharif has announced that a "significant" reduction in petroleum prices will be unveiled later in the day, citing a sharp fall in global crude oil rates following recent geopolitical developments and a US-Iran understanding.

Addressing the National Assembly, the prime minister said the government would pass on the benefit of lower international oil prices directly to consumers, as part of its weekly fuel price revision mechanism.

"Today, we have to announce the weekly revision in oil and petrol prices. As promised, we will transfer the relief to the people, and a significant decrease will be announced," he said.

He noted that global oil markets had eased following a recent agreement between ...