PM Shehbaz Announces Rs22 Cut in Petrol, Diesel Prices

ISLAMABAD: (Web Desk)- Prime Minister Shehbaz Sharif on Friday announced a major reduction in petroleum prices, calling it an “Eid gift” for the people on the third day of Eid, according to an official statement.

The government has reduced the price of petrol by Rs22 per litre, while the price of high-speed diesel (HSD) has also been slashed by Rs22 per litre.

Following the latest revision, petrol (motor spirit) will now be available at Rs381.78 per litre, down from Rs403.78. Similarly, the price of high-speed diesel has been reduced from Rs402.78 to Rs380.78 per litre.

Prime Minister Shehbaz Sharif said the decision was taken to transfer the benefit of available fiscal space and changes in international oil prices directly to consumers, in line with the government’s commitment to providing relief whenever possible.

“Providing relief to the people is one of my top priorities,” the Prime Minister said in the statement, adding that the government had promised to extend relief as soon as financial conditions allowed.

The Prime Minister noted that this was not the first reduction in fuel prices, mentioning that relief had also been provided earlier through another price adjustment.

Petrol Prices in Pakistan Likely to by Rs15 in Pakistan

He further stated that despite difficult global economic conditions, the federal government continued to support consumers through targeted fuel subsidies for public transport, goods transport, motorcycles, and rickshaw users.

According to the statement, the government had previously absorbed more than Rs130 billion in subsidies to shield consumers from the impact of rising international crude oil prices and volatility in global markets.

Prime Minister Shehbaz also highlighted that while several countries in the region faced fuel shortages and long queues at filling stations, Pakistan ensured uninterrupted fuel supplies through timely policy measures and subsidy support.

The latest reduction in petroleum prices is expected to provide significant relief to consumers and the transport sector across the country ahead of the upcoming economic cycle.