PM Shehbaz Sharif announces relief for consumers, linking price cuts to falling crude oil and regional stability
In Pakistan, fuel prices fell sharply on Friday after Prime Minister Shehbaz Sharif announced a Rs74 per litre cut in petrol and Rs67 per litre reduction in high-speed diesel, as the government responded to declining global oil rates.
The prime minister said petrol will now cost Rs299.78 per litre and diesel Rs311.78 per litre once the official notification is issued. Authorities reduced the rates from Rs373.78 and Rs378.78 per litre respectively.
Speaking in a statement and later in the National Assembly, Shehbaz Sharif said the government was transferring the benefit of lower international oil prices and improving regional conditions directly to the public. He said the government was now fulfilling its commitment to the nation.
He linked the decision to easing tensions in the Middle East after a US-Iran peace understanding and the reopening of energy shipping routes through the Strait of Hormuz. Global oil markets reacted to the development with a decline in crude prices.
Officials said the government regularly revised petroleum rates in response to global market movements. Weekly adjustments began after volatility increased during the regional energy crisis.
The prime minister said the government fully understood public hardship and thanked citizens for showing patience during difficult economic conditions. He also appreciated provincial governments for coordinating with the federation to maintain stability.
Authorities absorbed heavy fiscal pressure to manage prices. The government used austerity measures and budget adjustments to provide relief and stabilize the domestic market.
Petrol remains widely used in small vehicles, rickshaws, and motorcycles, while diesel powers heavy transport, agriculture, and generators, making the price cuts significant for both households and businesses.
During earlier volatility, the government increased fuel prices sharply, which triggered public concern over inflation. Since then, officials have gradually adjusted rates downward in line with international trends.
Ishaq Dar, Mohsin Naqvi, and other cabinet members were praised for supporting diplomatic and administrative coordination during the crisis.
The prime minister also acknowledged the role of military leadership, including Chief of Defence Forces and COAS Asim Munir, in facilitating regional stability efforts tied to the agreement.
He said Pakistan would continue to prioritise economic stability, control inflation, and pass on any further reductions in global oil prices to consumers.
