ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a significant reduction in petroleum prices, lowering the price of petrol by Rs74 per litre and diesel by Rs67 per litre in what he described as a major relief package for the public.
In a post on X, the prime minister said the new price of petrol would be Rs299 per litre, while high-speed diesel would be available at Rs311 per litre.
Shehbaz Sharif said the reduction was made possible due to an improved regional environment and a decline in global oil prices, adding that the government was passing the benefits directly on to the people.
The prime minister acknowledged the hardships faced by citizens during recent economic challenges and thanked them for their patience and resilience. He said the government remained committed to providing maximum relief to the public and had worked from the outset of the crisis to cushion the impact of rising fuel costs.
According to the premier, the federal government spent Rs129 billion, generated through austerity measures and development budget adjustments, to help contain petroleum prices and ease the burden on consumers.
He said Pakistan had successfully avoided an energy crisis despite difficult regional economic conditions, crediting the government’s planning and timely interventions. Unlike some countries that resorted to fuel rationing, Pakistan maintained uninterrupted fuel supplies without shortages or long queues at petrol stations, he added.
The prime minister also thanked provincial chief ministers for their cooperation, saying coordinated efforts between the federation and provinces helped maintain economic stability.
Reaffirming the government’s commitment to controlling inflation, Shehbaz Sharif said further measures would be taken to strengthen the economy and protect citizens from the effects of global price pressures.
He noted that, alongside official austerity measures, the government had provided targeted subsidies to low-income groups throughout the crisis, stressing that public welfare remained its top priority.
Turning to foreign affairs, the prime minister claimed that Pakistan had played a successful mediatory role in promoting peace in the Middle East. He highlighted the signing of the “Islamabad Memorandum of Understanding,” describing it as a landmark agreement.
Shehbaz Sharif also congratulated Field Marshal Syed Asim Munir for his role in advancing the peace initiative and praised Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi and other members of the government team for their contributions to the diplomatic effort.
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