Prime Minister Shehbaz Sharif said on Friday that a “significant” reduction in fuel prices would be announced later in the day, following the swift decrease in global oil prices after the signing of a Pakistan-brokered memorandum of understanding (MoU) between the US and Iran to cease hostilities. “Today, we have to announce the weekly revision in oil and petrol prices. And I will say just this much: as promised by the government to pass on the relief to the people after oil prices fall, a significant decrease in the prices will be announced today,” he said during an address to the National Assembly (NA).