PM announces reduction in petrol price by Rs74, diesel by Rs67

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a reduction of Rs74 per litre in petrol prices, while the price of diesel will be cut by Rs67 per litre, effective from Friday night.

After the revision, the price of petrol would fall from Rs373 to Rs299 per litre, while diesel would drop from Rs378 to Rs311 per litre.

PM Sharif said the government is immediately passing on the benefit of declining global oil prices to the public following improved regional economic conditions and Pakistan’s diplomatic efforts for peace.

The prime minister said the reduction in fuel prices was being implemented in line with a promise made to the nation.

He said the government had a clear understanding of public hardship and appreciated the patience shown by citizens during difficult economic conditions.

Sharif said the government had tried to reduce fuel prices “as much as possible” by using available resources since the beginning of the crisis, adding that Rsd129 billion had been utilised through development budget adjustments and austerity measures to provide relief.

He said Pakistan had avoided fuel shortages and rationing seen in some other countries, crediting better planning and policy management for maintaining energy supply stability.

The prime minister said no queues or shortages were seen during the period due to effective governance and coordination between federal and provincial governments, for which he thanked all chief ministers.

He said the government had shielded citizens from global inflation to the extent possible and would continue efforts to maintain macroeconomic stability and reduce inflation further.

Sharif said savings generated through austerity were also used to support vulnerable segments through subsidies during the crisis period.

He added that the government’s priority remained providing maximum relief to the public.

Referring to regional developments, the prime minister said Pakistan’s mediation had contributed to peace in the Middle East, adding that a historic agreement had been signed in Islamabad.

He said Pakistan had been “honoured” for its diplomatic role and thanked all stakeholders involved, including Field Marshal Syed Asim Munir, Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi, and members of the economic team for their contributions.