Prime Minister Muhammad Shehbaz Sharif has announced a significant reduction in petroleum prices, stating that the benefits of improved economic conditions in the region and lower oil prices are being passed on directly to the public.
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According to the Prime Minister, the price of petrol is being reduced by Rs74 per litre, while diesel prices are being cut by Rs67 per litre.
He said the price of petrol would decrease from Rs373 per litre to Rs299 per litre, while diesel would fall from Rs378 per litre to Rs311 per litre.
The Prime Minister said the government had fulfilled its commitment to the nation and acknowledged the patience and resilience shown by the public during difficult circumstances.
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He thanked citizens for supporting the government throughout the crisis and said efforts had been made from the outset to provide maximum possible relief in petroleum prices through available resources.
According to the Prime Minister, the federal government utilized Rs129 billion through savings from the development budget and austerity measures to shield consumers from the full impact of rising fuel prices.
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He said that despite economic challenges in the region, Pakistan avoided an energy crisis due to effective planning and management, adding that there were no fuel shortages, long queues, or rationing measures during the period.
The Prime Minister also appreciated the cooperation of provincial governments in maintaining economic stability and said the government had taken steps to protect the public from the effects of global inflation.
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He stated that any reduction in international oil prices would be transferred to consumers in full and reaffirmed the government’s commitment to maintaining economic stability and reducing inflation.
The Prime Minister further said that austerity measures were implemented at the government level throughout the crisis, while subsidies were provided to underprivileged segments of society.
He described public relief as the government’s top priority.
