ISLAMABAD: Prime Minister of Pakistan, Shehbaz Sharif, has decided to reduce the petrol price and diesel rate in the country.
Addressing the nation, PM announced that the petrol price has been reduced by Rs11.83 per litre, bringing the new rate to Rs366.58 per litre. The move is aimed at providing partial relief to consumers amid ongoing economic pressure.
Meanwhile, the diesel price has also been cut by Rs134.81 per litre, with the new rate set at Rs385.54 per litre.
Officials confirmed that the revised petrol price and diesel rates will come into effect from midnight across the country.
The reduction follows Prime Minister Shehbaz Sharif’s directive to adjust fuel prices in line with global market trends, as the government continues efforts to ease inflationary pressure on the public.
Earlier, the government had announced a massive increase in petrol price and diesel rates after the Iran war triggered a global petroleum shortage. The announcement was made by Minister of State for Finance Ali Pervaiz Malik, alongside Federal Finance Minister Muhammad Aurangzeb, during a press conference.
The petrol price was increased by Rs138 per litre, taking it to Rs458.40 per litre, while the diesel rate was raised by Rs184 per litre to Rs520.35 per litre.
However, a day after the historic hike in petrol price, Prime Minister Shehbaz Sharif announced a short-term relief measure aimed at easing pressure on the public by lowering fuel rates.
PM of Pakistan Shehbaz Sharif, later revised the petrol price to Rs378 per litre by slashing Rs80.
In addition to the fuel adjustment, the Prime Minister also announced austerity measures, stating that salaries and privileges of cabinet members would remain suspended for six months as part of efforts to manage financial pressures and demonstrate fiscal discipline.
