ISLAMABAD: On Friday, the government announced a substantial reduction in fuel prices, with petrol becoming Rs74 per litre cheaper and diesel seeing a cut of Rs67 per litre. This decision comes on the back of declining international crude oil prices and reduced geopolitical tensions in the Middle East, thanks to the reopening of the vital Strait of Hormuz, a major route for global oil shipments.
Prime Minister Shehbaz Sharif shared the development, confirming that petrol prices would decrease from Rs373 to Rs299 per litre, while diesel would drop from Rs378 to Rs311 per litre, effective immediately. The announcement marks a direct effort to translate global economic improvements into tangible public benefits, alongside acknowledging the nation’s contributions toward regional stability.
PM articulated that this measure was aligned with the government’s commitment to alleviating the burden on citizens, especially during challenging economic times. He expressed gratitude for the public’s endurance amid recent hardships and emphasized the administration’s continuous focus on delivering as much relief as feasible.
The prime minister further revealed that the government strategically mobilized Rs129 billion through development budget reallocations and austere financial measures to mitigate fuel costs during the crisis. He credited skilled planning and strong federal-provincial coordination for averting fuel shortages or rationing, which have plagued other nations.
Acknowledging the macroeconomic challenges brought on by global inflation, Sharif reiterated his administration’s resolve to stabilize the economy and curb inflation. Additionally, savings from austerity were channeled into subsidies to support vulnerable communities during these trying times.
Addressing Pakistan’s significant diplomatic role in the Middle Eastern peace process, Sharif highlighted the country’s contributions to brokering an agreement between the US and Iran. He labeled it a landmark achievement for Pakistan’s foreign policy and expressed his gratitude to all stakeholders involved in this success. Among those acknowledged were Field Marshal Syed Asim Munir, Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi, and members of the economic team.
The prime minister concluded by reaffirming his government’s focus on prioritizing public welfare and sustaining efforts to improve their quality of life while maintaining national stability.
