Prime Minister Muhammad Shehbaz Sharif has announced a major reduction in petroleum prices, bringing immediate relief to consumers across Pakistan after weeks of elevated fuel costs.
According to the announcement, the government has reduced the price of petrol by Rs74 per litre and lowered the price of high-speed diesel by Rs67 per litre.
Following the revision, petrol prices will decrease from Rs373 per litre to Rs299 per litre.
At the same time, the price of high-speed diesel will fall from Rs378 per litre to Rs311 per litre.
The government linked the reduction to improving regional economic conditions and declining global oil prices.
Government Says Relief Is Being Passed Directly to Consumers
Speaking about the decision, the prime minister said the government was delivering on commitments made to the public.
He stated that the decline in international oil prices was now being transferred directly to consumers.
The prime minister also expressed gratitude to the public for remaining patient during a difficult economic period.
He said:
“You are well aware of the hardships faced by the people and have shown unparalleled patience and resilience during this difficult period.”
He further added that the government remained thankful for continued public support during challenging circumstances.
Efforts Made to Avoid an Energy Crisis
According to the prime minister, the government had attempted to reduce fuel prices throughout the crisis while operating within available financial resources.
He said authorities redirected Rs129 billion from the development budget and introduced austerity measures to provide public relief during rising oil prices.
The government also stated that Pakistan successfully avoided an energy crisis despite difficult regional economic conditions.
According to the prime minister, some countries introduced fuel rationing during the period, whereas Pakistan maintained uninterrupted petroleum supplies.
He said:
“Thanks to effective measures, there were no long queues, no shortages and no disruption in the supply of petroleum products.”
The statement highlighted coordination between institutions to maintain market stability.
Provincial Support and Economic Management Highlighted
The prime minister also acknowledged the role of provincial governments and said coordinated efforts helped reduce economic pressure.
According to him, the federation and provinces worked together to limit the effects of global inflation on citizens.
He added that austerity measures remained in place while subsidies and relief programmes continued for lower-income groups.
The government reiterated its commitment to economic stability and controlling inflation in the coming period.
He said:
“Providing maximum relief to the people remains the government’s top priority.”
PM Links Economic Relief to Regional Stability
Referring to recent regional developments, the prime minister stated that peace in the Middle East had become possible through Pakistan’s mediation efforts.
He described the Islamabad Memorandum of Understanding as a historic development and said Pakistan had been honoured with an opportunity to facilitate peace.
The prime minister also congratulated Field Marshal Syed Asim Munir and acknowledged his contribution to the peace initiative.
In addition, he appreciated Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Interior Minister Syed Mohsin Raza Naqvi and members of the government team involved in diplomatic efforts.
He also recognised the economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema, Petroleum Minister Ali Pervez Malik and other officials for their role during the economic crisis.
With the latest reduction now announced, consumers across Pakistan will be watching whether easing international prices continue to create room for additional relief in the months ahead.
