ISLAMABAD: In a major relief package for inflation-hit citizens, Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in petroleum prices, slashing the petrol price by Rs74 per litre and diesel by Rs67 per litre, according to official statements.
Addressing the nation, the prime minister said the reduction was made possible due to improved economic conditions and regional stability, which he attributed to Pakistan’s diplomatic efforts and mediation role in promoting peace.
Under the revised rates, petrol prices will decrease from Rs373 to Rs299 per litre, while diesel prices will fall from Rs378 to Rs311 per litre, providing significant relief to consumers, transporters, businesses, and industries across the country.
Prime Minister Shehbaz Sharif stated that the government had fulfilled its promise to pass on the benefits of lower global oil prices to the people. “The commitment we made to the nation is being honored. We understand the hardships faced by the public and are grateful for their patience during challenging times,” he said.
The premier revealed that the federal government utilized Rs129 billion saved through austerity measures and reductions in development expenditures to cushion the impact of rising fuel prices. He emphasized that despite regional economic pressures and energy challenges faced by many countries, Pakistan successfully avoided fuel shortages and long queues through effective planning and coordination.
“Unlike several countries that experienced fuel rationing and supply disruptions, Pakistan maintained uninterrupted petroleum supplies throughout the crisis,” the prime minister noted.
Shehbaz Sharif also praised the cooperation between the federal and provincial governments in maintaining economic stability and controlling inflation. He assured citizens that any future decline in international oil prices would be fully transferred to consumers.
The government, he added, remains committed to reducing inflation, supporting vulnerable segments of society through targeted subsidies, and implementing policies aimed at sustainable economic growth.
The announcement is expected to provide immediate relief to millions of Pakistanis by lowering transportation costs, easing inflationary pressures, and reducing the overall cost of living.
