Prime Minister Shehbaz Sharif has announced a major reduction in petroleum prices, providing significant relief to consumers amid easing global oil prices and improving market conditions.
Under the new prices, petrol will become cheaper by Rs74 per litre, while high-speed diesel will see a reduction of Rs67 per litre.
According to the prime minister, the price of petrol is being reduced by Rs74 per litre. As a result, the price of petrol will decrease from Rs373 per litre to Rs299 per litre.
Similarly, the price of diesel is being reduced by Rs67 per litre. Following the reduction, the price of diesel will come down from Rs378 per litre to Rs311 per litre.
The announcement marks one of the most significant cuts in fuel prices in recent years and is expected to provide relief to millions of consumers across the country.
Relief for households and businesses
The reduction in fuel prices is likely to lower transportation costs and ease inflationary pressures affecting households and businesses.
Petrol is widely used by private vehicles, motorcycles and public transport, while diesel is a key fuel for heavy transport, agriculture and industrial sectors.
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Economists believe the decrease in petroleum prices could have a positive impact on the overall cost of living and business activity.
PM acknowledges public hardships
While announcing the reduction, Prime Minister Shehbaz Sharif acknowledged the economic difficulties faced by the public.
He said the government fully understands the challenges experienced by citizens during a difficult period marked by rising prices and economic pressures.
“The difficulties of the people are well understood. You have shown unparalleled patience and forbearance in a difficult situation,” the prime minister said.
The PM said the promise made to the nation was now being fulfilled, adding that the government was immediately passing on the benefits of the decline in global oil prices to the people.
He expressed deep gratitude to the public for supporting the government through these challenging circumstances. He also said the government made every possible effort to maximize the reduction in petroleum prices using its own resources.
PM Shehbaz said the federal government saved Rs129 billion through development budget adjustments and austerity measures, adding that these savings were utilised to provide the maximum possible relief to the public amid the sharp rise in oil prices.
The latest reduction in fuel prices is being presented as part of the government's efforts to provide direct financial relief to the public.
Officials expect the decline in petroleum prices to benefit consumers, transport operators, farmers and businesses by reducing operating costs.
The move is also expected to support broader efforts to curb inflation and improve economic confidence.
