Prime Minister Shehbaz Sharif, during the late hours of Friday, reduced petrol prices by Rs. 80 per litre just one day after announcing a record-high increase.
Prime Minister Shehbaz Sharif announced that petrol prices will fall from Rs. 458.41 per litre to Rs. 378 per litre starting midnight Saturday, partially reversing Thursday’s massive increase that had pushed fuel prices to record levels across Pakistan.
The government had earlier raised petrol by Rs. 137.24 per litre and diesel by Rs. 184.49 per litre, taking diesel prices to Rs. 520.35 per litre and petrol to Rs. 458 per litre.
The initial increase was unavoidable after global energy markets were disrupted by escalating conflict involving the United States, Israel and Iran. The tensions rattled oil supply routes, particularly shipments passing through the Strait of Hormuz, one of the world’s most critical oil transit corridors.
As an import-dependent economy, Pakistan remains highly vulnerable to sudden spikes in global crude prices.
