Prime Minister Shehbaz Sharif has announced a reduction in petrol and diesel prices, offering relief to citizens after a period of sharp increases driven by global market pressures.
Addressing the nation, the prime minister said the decision to cut fuel prices was taken following a decline in international oil prices. He added that the government aims to provide maximum relief to the public while carefully managing ongoing economic challenges.
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Under the revised pricing, petrol has been set at Rs366 per litre, while the diesel rate now stands at Rs385 per litre. Officials said the move reflects the government’s effort to strike a balance between fiscal stability and public relief.
The latest reduction comes after a series of significant fuel price hikes in recent weeks, triggered by disruptions in global oil supply linked to regional tensions involving Iran. Earlier, the government had raised petrol prices by Rs138 per litre to Rs458.40, while diesel prices surged by Rs184 per litre to Rs520.35.
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The increase was announced during a press conference by Minister of State for Finance Ali Pervaiz Malik alongside Federal Finance Minister Muhammad Aurangzeb, citing a global petroleum shortage.
However, in response to public pressure and easing global prices, the prime minister later introduced a short-term relief package, initially reducing petrol by Rs80 to Rs378 per litre before announcing the latest cut.
Officials noted that lower fuel prices are expected to reduce transportation costs and help control inflation, which has been a major concern for households and businesses alike.
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In addition to fuel relief, the prime minister also announced austerity measures, including the suspension of salaries and privileges of cabinet members for six months. The step, he said, is aimed at demonstrating fiscal discipline and sharing the burden of economic adjustments.
The government reiterated its commitment to reviewing fuel prices regularly in line with global trends, ensuring that any further relief is passed on to the public whenever possible.
