ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a major reduction in petroleum prices, saying the benefit of improving regional economic conditions and lower oil prices would be passed on directly to the public.
In a statement issued on Friday, the prime minister said the government was fulfilling its commitment to provide relief to citizens. He announced a reduction of Rs74 per litre in petrol prices and Rs67 per litre in diesel prices.
According to the announcement, the price of petrol will decrease from Rs373 per litre to Rs299 per litre, while diesel will fall from Rs378 per litre to Rs311 per litre.
The prime minister said the government fully understood the difficulties faced by the public and appreciated the patience shown by citizens during challenging economic conditions. He thanked the people for supporting the government throughout the crisis.
Shehbaz Sharif said the federal government had used savings generated through austerity measures and adjustments in the development budget to provide relief on petroleum products. He stated that Rs129 billion had been utilized to help shield consumers from the impact of rising fuel prices.
He added that despite regional economic challenges, Pakistan avoided an energy crisis through effective planning and management. The country did not experience fuel shortages, long queues or rationing measures, and petroleum supplies remained available throughout the period.
The prime minister said the federal and provincial governments worked together to maintain economic stability and protect the public from the effects of global inflation. He thanked the provincial chief ministers for their cooperation.
He further stated that any reduction in international oil prices would continue to be passed on to consumers. The government, he said, would maintain efforts to preserve economic stability, reduce inflation and provide maximum possible relief to the public, while continuing targeted support for vulnerable groups.
ALSO READ >>> >>> Islamabad police finalize plans for Muharram processions and Majalis
Referring to developments in the Middle East, the prime minister said Pakistan’s mediation efforts helped support peace initiatives in the region. He described the signing of the Islamabad Memorandum as a historic development and expressed gratitude for what he called an honour for Pakistan and its people.
Shehbaz Sharif also praised Field Marshal Syed Asim Munir for his role in the peace efforts, along with Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Interior Minister Syed Mohsin Raza Naqvi and other members of the government team involved in the initiative.
The prime minister additionally acknowledged the contributions of the government’s economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema, Petroleum Minister Ali Pervaiz Malik, senior officials of the finance and petroleum divisions and the chairman of the Federal Board of Revenue (FBR), for their efforts during the economic crisis.
