ISLAMABAD: Prime Minister Shehbaz Sharif on Friday addressed the nation and described the current situation as a “historic occasion”, saying the Gulf region was moving towards peace after days of tension and uncertainty.
In his televised speech, the prime minister said there was now hope for peace instead of war in the Gulf. He said Pakistan had supported diplomatic efforts and remained committed to regional stability. According to the premier, the latest developments could help reduce pressure on the global economy and improve conditions for Pakistan as well.
The address came exactly one week after Shehbaz Sharif announced a major reduction in the petroleum levy. During his previous speech, he said the government would cut the levy on petrol by Rs80 per litre, bringing the new petrol price in Pakistan down to Rs378 per litre.
The reduction was introduced after a sharp increase in fuel prices triggered concern across the country. The government said the move was designed to provide relief to citizens affected by inflation and rising international oil prices. The revised petrol rate came into effect immediately and will remain in place for one month.
Shehbaz Sharif also repeated that the government was closely monitoring developments in the Middle East and global oil markets. He said Pakistan would continue taking steps to protect the public from further economic pressure.
The prime minister added that improving conditions in the Gulf could help lower oil prices and ease the burden on consumers. Analysts believe that if regional peace continues, Pakistan may see further stability in fuel prices and the wider economy in the coming weeks.
