ISLAMABAD: In a significant development, Prime Minister Shehbaz Sharif has announced a reduction in petrol and diesel prices across Pakistan following a decline in global fuel rates. The decision aims to provide economic relief to the public while addressing ongoing financial pressures.
During a national address, the Prime Minister confirmed that the government approved the proposal to lower fuel prices in response to the global market trends. The revised petrol price is now set at Rs366 per litre, and diesel has been adjusted to Rs385 per litre. This move is part of a broader strategy to stabilize essential commodity prices and curb inflation.
Officials emphasized that the adjustment reflects a careful balance between easing the burden on citizens and managing the country’s economic challenges. The government’s approach seeks to maintain price stability without compromising fiscal responsibility.
Earlier, the government had implemented a substantial increase in fuel prices due to the global petroleum shortage triggered by the Iran war. At that time, the petrol price surged by Rs138 per litre to Rs458.40, while diesel rose by Rs184 per litre, reaching Rs520.35. This announcement was made by Minister of State for Finance Ali Pervaiz Malik alongside Federal Finance Minister Muhammad Aurangzeb during a press briefing.
However, just one day after this historic hike, Prime Minister Shehbaz Sharif introduced a short-term relief measure by reducing the petrol price to Rs378 per litre, cutting Rs80 from the previous rate. This adjustment was aimed at alleviating the immediate financial strain on the public.
In addition to the fuel price revision, the Prime Minister unveiled austerity measures, including a six-month suspension of salaries and privileges for cabinet members. These steps are intended to demonstrate fiscal discipline and contribute to managing the country’s economic pressures effectively.
