ISLAMABAD: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum product prices on Friday, stating that improved regional economic conditions and lower global oil prices are being passed directly on to the public.
According to the announcement, petrol prices have been reduced by Rs74 per litre, bringing the price down from Rs373 to Rs299. Diesel prices have been cut by Rs67 per litre, reducing the rate from Rs378 to Rs311.
The prime minister said the government was fulfilling its commitment to provide relief to the public. “The benefit of reduced oil prices in the global market is being transferred directly to the people,” he said.
He added that the government had worked to shield citizens from global inflation and economic volatility through fiscal adjustments and austerity measures. According to him, Rs129 billion was utilized through savings and development budget adjustments to provide fuel relief and prevent a sharp burden on consumers.
PM Shehbaz noted that despite challenging global conditions, Pakistan did not face fuel shortages or rationing, and supply chains remained stable. He credited coordinated efforts between the federal and provincial governments for maintaining economic stability.
PM also expressed gratitude to provincial chief ministers for their cooperation during the period of economic pressure.
Referring to broader regional developments, the prime minister said Pakistan’s diplomatic engagement and mediation efforts contributed to improved regional stability, which he linked to positive economic outcomes, including easing energy pressures.
He praised the contributions of the country’s civil and military leadership, including senior officials involved in diplomatic and economic management, for their role in supporting both stability and policy execution.
The government reiterated that further relief measures will be considered in line with international oil market trends, with a focus on maintaining macroeconomic stability while easing pressure on consumers.
Officials said a formal notification regarding the revised fuel prices will be issued by the relevant authorities.
