PM Sharif announces major cut in fuel prices

Prime Minister Shehbaz Sharif has announced a substantial reduction in petrol and diesel prices.

According to the Prime Minister's statement, the price of petrol will be reduced by PKR 74 per litre, while diesel prices will be cut by PKR 67 per litre.

The Prime Minister stated that the government is fulfilling the commitment it made to the nation. He said that the price of petrol will decrease from PKR 373 per litre to PKR 299 per litre, while diesel prices will fall from PKR 378 per litre to PKR 311 per litre.

Mr. Sharif noted that the government fully understands the challenges faced by the public and expressed gratitude for the patience and resilience demonstrated by citizens during difficult economic circumstances. He thanked the people for their support and cooperation throughout the crisis.

The Prime Minister further stated that since the onset of the crisis, the government has made every possible effort to reduce fuel prices using available resources and has taken measures to shield citizens from the impact of global inflationary pressures.

He emphasized that the decline in international oil prices is being passed on directly to consumers and affirmed that the government will continue implementing effective measures to maintain economic stability and further reduce inflation.

According to the Prime Minister, the government adopted austerity measures throughout the crisis and provided subsidies to vulnerable segments of society as part of its relief efforts. He reiterated that maximizing public relief remains the government's top priority.

Mr. Sharif also stated that peace in the Middle East became possible through Pakistan’s mediation efforts. He described the signing of a Memorandum of Understanding in Islamabad as a historic achievement and said that this recognition and honor had been bestowed upon Pakistan and its people.

The Prime Minister extended special congratulations to Field Marshal Asim Munir, stating that his tireless efforts and professional leadership played a key role in facilitating the peace agreement.

He also acknowledged the contributions of Ishaq Dar, Mohsin Naqvi, and the entire Government of Pakistan team.

He added that PKR 129 billion was utilized through savings generated from the development budget and austerity measures to provide relief against rising fuel prices across the country.

The Prime Minister further noted that while some countries in the region resorted to fuel rationing during periods of economic difficulty, Pakistan avoided an energy crisis due to effective planning and timely government measures.

As a result, there were no fuel shortages, long queues, or disruptions in the supply of petroleum products.