The government has revised the petrol price to Rs378 per litre, effective from midnight, reversing a historic increase announced just a day earlier. This reduction is part of a one-month relief package aimed at alleviating the financial strain on the public.
Prime Minister Shehbaz Sharif confirmed that the price cut will remain in place for the next month as a temporary measure. Alongside this, he declared strict austerity measures, including the suspension of salaries and privileges for cabinet members for six months, signaling a commitment to fiscal discipline amid economic challenges.
The petrol price adjustment is expected to influence transportation costs and overall inflation, with authorities closely monitoring its impact in the coming weeks. This move follows a significant fuel price hike announced the previous day, which had raised petrol prices by Rs138 per litre to Rs458.40 and diesel prices by Rs184 per litre to Rs520.35.
The earlier sharp increase had raised concerns about escalating transportation expenses and inflationary pressures on essential goods, prompting the government to introduce the relief package. Finance Minister Muhammad Aurangzeb and Minister of State for Finance Ali Pervaiz Malik had jointly announced the initial price surge during a press briefing.
