Orders petrol price slashed by Rs 74, diesel Rs 67. Promises to pass on the benefits of lower costs to people Move
Prime Minister Shehbaz Sharif. Photo: File
ISLAMABAD:
Prime Minister Shehbaz Sharif announced a sharp reduction in oil prices on Friday, passing on the impact of falling global oil prices to consumers after Iran and the United States reached a peace deal that eased tensions in global energy markets.
As per the revised prices, the government reduced petrol by Rs74.28 per liter and high-speed diesel (HSD) by Rs67.31 per litre. As a result, the price of petrol has been cut from Rs 373.78 per liter to Rs 299.50 per litre, while HSD has come down from Rs 378.78 to Rs 311.47 per litre.
The announcement comes as international crude oil prices fell to around $75 a barrel, returning close to pre-conflict levels following the diplomatic breakthrough. Oil futures traded between a high of $81.00 and a low of $72.83 on Friday before settling at $75.22, marking a decline of $7.22 or 8.73 percent from last week’s close.
HSD is widely used in the transport and agricultural sectors, while petrol is commonly used by motorcycles and cars. Officials said the reduction is expected to ease inflationary pressures in the economy and offer relief to consumers who have faced repeated fuel price hikes in recent months.
In a statement, Prime Minister Shehbaz Sharif said that as the regional situation improves and global oil prices fall, the government has immediately passed on the benefit of reduced oil costs to the public.
He said the federal government generated savings of Rs 129 billion. through adjustments in the development budget and austerity measures, which were used to help citizens amid rising fuel prices.
“The promise we made to the nation is, by the grace of Allah, now being fulfilled,” the prime minister said, adding that the government fully understood the difficulties faced by the public and appreciated their patience and resilience in challenging times.
He said the government has made continuous efforts since the beginning of the crisis to reduce fuel prices within the available fiscal space.
The prime minister further noted that some countries were forced to introduce fuel rationing during the regional economic crisis, while Pakistan avoided an energy shortage through effective planning and management.
“As a result of our timely measures, there was no shortage, no long queues and the public did not face any disruption in the availability of petroleum products,” he said, appreciating the cooperation of the provincial chief ministers to maintain economic stability and support federal efforts.
He added that the government was taking all possible measures to protect citizens from global inflationary shocks. “We are now passing on the full benefit of lower international oil prices directly to consumers,” he said, reiterating that efforts will continue to maintain economic stability and further reduce inflation.
The prime minister also referred to the wider regional context, stating that “Allah Almighty has honored Pakistan” and that Islamabad’s MoU was a historic development.
Paying special tribute to Field Marshal Syed Asim Munir, he said his “tireless efforts and professional capabilities” played a crucial role in facilitating the peace deal that helped stabilize regional markets.
