PM Shehbaz announces reduction in prices of petrol by Rs74, diesel by Rs67

Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in fuel prices, lowering petrol by Rs74 per litre and high-speed diesel (HSD) by Rs67 per litre, as the government moves to transfer the benefits of falling international oil prices to the public.

Following the reduction, petrol is expected to be priced at Rs299.78 per litre, down from Rs373.78, while HSD will decrease to Rs311.78 per litre from Rs378.78. The official notification is expected to be issued shortly.

The prime minister said the price cut was made possible by improving regional economic conditions and declining global crude oil prices. Addressing the nation, he stated that the government was fulfilling its commitment to provide relief to citizens whenever circumstances allowed.

Speaking in the National Assembly earlier in the day, PM Shehbaz described the reduction as a significant step aimed at easing the financial burden on the public. The move comes after tensions in the Middle East eased following a peace agreement between the United States and Iran, which helped stabilize energy markets and restore shipping activity through the Strait of Hormuz.

The premier thanked the people for their patience and resilience during a period of economic uncertainty and high fuel costs. He emphasized that the government remained committed to passing on the full benefits of any future decline in international oil prices.

PM Shehbaz also praised the coordinated efforts of federal and provincial governments in maintaining economic stability during challenging times. He said authorities implemented various measures to shield citizens from the impact of global inflation while continuing to support vulnerable segments of society through targeted subsidies.

Reaffirming the government's commitment to economic recovery, the prime minister said maintaining stability and reducing inflation would remain top priorities. He added that public welfare and maximum relief for citizens would continue to guide government policies.

The premier also highlighted Pakistan’s diplomatic role in helping restore regional peace, stating that the country’s mediation efforts contributed to improving stability in the region. He extended special appreciation to Chief of Defence Forces and Chief of Army Staff Field Marshal Asim Munir for his efforts in facilitating the Islamabad Memorandum of Understanding.

PM Shehbaz further acknowledged the contributions of Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervaiz Malik, and other members of the government team for their roles in managing both diplomatic and economic challenges.