Major relief: Pakistan's PM Shahbaz announces reduction in prices of petrol, diesel

Prime Minister Shahbaz Sharif on Friday announced a major reduction in petroleum prices, saying the benefits of improved regional economic conditions and lower global oil prices were being passed on immediately to the public following the restoration of peace through Pakistan's mediation efforts.

In an important statement on oil prices after regional and global peace was established through Pakistan’s mediation, the PM announced a reduction of Rs74 per litre in petrol price and Rs67 per litre in diesel rate. He said the reduction would bring the price of petrol down from Rs373 per litre to Rs299 per litre, while the price of diesel would decrease from Rs378 per litre to Rs311 per litre. 

The Ministry of Finance will issue a formal notification shortly. Once notified, the price of petrol will stand at Rs299.78 and high-speed diesel (HSD) at Rs311.78, down from Rs373.78 and Rs378.78 per litre, respectively.

In a statement from his office, the premier said the government was passing on the benefit of an improved regional economic situation and declining oil prices.

“We are now fulfilling the promise we made to the nation,” the premier said in the statement.

Speaking in the National Assembly earlier in the day, Shahbaz vowed a “significant” reduction in fuel prices, as tensions eased in the Middle East following the US-Iran peace deal and the restoration of energy shipping in the Strait of Hormuz.

“The price of petrol is being reduced by Rs74 per litre, while diesel is being reduced by Rs67 per litre,” the premier’s statement said.

“We fully understand the hardships faced by the people. You demonstrated extraordinary patience and resilience during these difficult circumstances,” Shahbaz noted.

He extended his sincere appreciation to the public for “standing by the government during these challenging times.”

In his statement, the prime minister expressed gratitude to the chief ministers, noting that the federal and provincial governments worked in “complete coordination” to keep the country’s economy stable.

“We took every possible step to protect the public from the impact of global inflation,” the premier asserted. “Whatever reduction occurs in international oil prices will be passed on to the people in full.”

The premier vowed that the government would “continue taking effective measures to maintain economic stability and further reduce inflation.”

He highlighted that the government “not only implemented austerity measures at all levels but also provided subsidies to underprivileged segments of society.”

“Providing maximum relief to the public remains the government’s highest priority,” he affirmed.

In his statement, the premier mentioned the mediation efforts of Pakistan, which “made peace in the region possible.”

He said Chief of Defence Forces (CDF) and Chief of the Army Staff (COAS) Field Marshal Asim Munir was deserving of a “special thanks for his untiring efforts” in making the Islamabad MoU possible.

Shahbaz also extended his thanks to Deputy PM and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi and the rest of the government team for their diplomatic efforts.

The premier further appreciated the work of Finance Minister Muhammad Aurangzeb and his ministry, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervaiz Malik and others during the “economic crisis.”
 
He also thanked provincial governments for their cooperation in maintaining economic stability and said both the federation and provinces worked together to shield the public from the effects of global inflation.