Prime Minister Shehbaz Sharif announced a major cut in petroleum prices during a National Assembly session on Friday. He said the government will pass on the benefit of falling global oil prices to the public. Consequently, the new rates will be officially announced later today.
The prime minister linked the expected relief to easing tensions in the Middle East. He stated that the risk of war in the region has significantly declined. Moreover, he said improved geopolitical conditions have pushed global oil prices downward.
Global Oil Trends Drive Expected Relief
Shehbaz Sharif noted that oil prices had previously surged due to conflict-related uncertainty. He added that this spike had contributed to inflationary pressure in Pakistan. However, he maintained that the situation is now stabilizing.
The prime minister said global oil markets are reacting to recent diplomatic developments. Therefore, he expects further reductions in international prices in the coming days. He assured that the government will continue to transfer relief to consumers.
Shehbaz also recalled that the government spent Rs 128 billion to control inflation during earlier price shocks. Additionally, he said those efforts helped stabilize essential commodities in the domestic market.
Government Promises Economic Relief to Citizens
The prime minister said the government remains committed to easing the burden on citizens. He emphasized that lower fuel prices will support broader economic stability. Furthermore, he described the development as a positive shift toward growth and recovery.
He added that the country is now entering a phase of economic improvement. As a result, he expects better financial conditions for households and businesses. The official petroleum price revision will be announced in the scheduled weekly update.
