ISLAMABAD: In a major relief measure for consumers, Prime Minister Shehbaz Sharif on Friday announced a substantial cut in fuel prices, reducing petrol by Rs74 per litre and high-speed diesel by Rs67 per litre, as the government moves to pass on the benefits of falling international oil prices to the public.
According to the announcement, the formal notification confirming the new rates had not yet been issued at the time of reporting. Prices have been adjusted weekly since the outbreak of the US-Iran war, reflecting the volatility conflict has introduced into global energy markets.
Once the revision takes effect, petrol will be priced at Rs299.78 per litre, while diesel will be priced at Rs311.78 per litre, sharply lower than the previous rates of Rs373.78 and Rs378.78, respectively.
Explaining the rationale behind the decision, the Prime Minister stated that the government was responding to an improved regional economic climate alongside the broader decline in oil prices, describing the move as the fulfilment of a commitment previously made to the nation.
The announcement follows remarks PM Shehbaz delivered earlier in the day in the National Assembly, where he had pledged a “significant” reduction in fuel prices, attributing the shift to de-escalating tensions in the Middle East following the recently brokered US-Iran peace agreement and the resumption of energy shipments through the Strait of Hormuz.
In his official statement, the Prime Minister also acknowledged the difficulties faced by ordinary citizens during the period of elevated fuel costs, commended the public for its patience and resilience, and expressed appreciation for their continued support for the government throughout the challenging period.
The development is being viewed as a direct economic dividend of the broader regional stabilisation following the recent ceasefire arrangement between Washington and Tehran, which has restored confidence in global oil supply chains.
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