PM Shehbaz cuts petrol, diesel prices ahead of key Islamabad talks

Prime Minister Shehbaz Sharif on Friday announced a major reduction in fuel prices, decreasing petrol by Rs12 per litre and diesel by Rs135 per litre after a decline in international oil prices.

Speaking in a televised address to the nation, the premier said the revised rates would take effect from April 11, with petrol fixed at Rs366 per litre and diesel at Rs385 per litre.

The announcement came as Islamabad prepared to host crucial peace talks between the United States and Iran.

Earlier there was news that Pakistan was preparing to lower fuel prices after a sharp drop in international oil rates, offering potential relief to consumers hit by weeks of market volatility.

Officials had said petrol could become cheaper by up to Rs55 per litre, while diesel may see a reduction of as much as Rs100 per litre. Prime Minister Shehbaz Sharif was expected to announce the revised rates soon.

The expected relief follows a fall in global crude prices after a ceasefire between the United States and Iran reduced fears of supply disruptions in the Strait of Hormuz, a key route for the world’s oil trade. Brent crude slipped below $100 a barrel and touched nearly $91.70, its lowest level in weeks, after earlier surging during the regional conflict.

During the period of heightened tensions, Pakistan had raised domestic fuel prices in line with rising international rates. Now, with global markets easing, the government appears ready to pass on the benefit to consumers.

Officials said the administration had already tried to cushion the impact through adjustments in petroleum levies while managing broader fiscal pressures. Coalition partners were also briefed on falling oil prices, domestic pricing decisions and efforts to maintain economic stability, as Pakistan closely tracks international crude trends when setting local fuel rates.