The government of Pakistan announced a significant reduction in fuel prices on Friday, cutting petrol by Rs74 per litre and diesel by Rs67 per litre, effective from Friday night. Following this adjustment, petrol prices will decrease from Rs373 to Rs299 per litre, while diesel prices will fall from Rs378 to Rs311 per litre.
Prime Minister Shehbaz Sharif highlighted that the government promptly passed on the benefits of falling global oil prices to the public. This move aligns with improved regional economic conditions and Pakistan’s diplomatic initiatives aimed at fostering peace. The prime minister emphasized that this reduction fulfills a commitment made to the nation.
Addressing the public’s economic challenges, Sharif acknowledged the hardships faced by citizens and expressed gratitude for their patience during these difficult times. Since the onset of the crisis, the government has endeavored to lower fuel prices as much as possible by leveraging available resources, including allocating Rs129 billion through development budget adjustments and austerity measures to provide relief.
He further noted that Pakistan avoided the fuel shortages and rationing experienced by some other countries, attributing this success to effective planning and sound policy management. The prime minister praised the coordination between federal and provincial governments, which ensured stable energy supplies without queues or shortages, and extended thanks to all chief ministers for their cooperation.
Sharif reiterated the government’s commitment to shielding citizens from the impact of global inflation and pledged ongoing efforts to maintain macroeconomic stability and further reduce inflation. The savings generated from austerity measures have also been redirected to support vulnerable groups through subsidies during the crisis.
In a significant development, the prime minister referenced Pakistan’s diplomatic role in regional peace efforts, particularly in the Middle East. He mentioned a historic agreement signed in Islamabad, underscoring Pakistan’s honored position in mediation. Sharif expressed appreciation for all stakeholders involved in these achievements, including Field Marshal Syed Asim Munir, Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi, and members of the economic team.
Overall, the government’s priority remains focused on providing maximum relief to the public while continuing to navigate economic challenges and regional developments.
