Prime Minister Shehbaz Sharif announced a reduction in fuel prices for high-speed diesel and petrol. The cuts amount to Rs135 per litre for diesel and Rs12 per litre for petrol.
In his address late Friday night, Sharif said he was speaking at a historic moment when peace talks were underway in the Middle East instead of war. He thanked Iran and the US leadership for accepting his offer of dialogue and ceasefire negotiations.
Sharif also praised Field Marshal Asim Munir and Deputy Prime Minister Ishaq Dar for their role in preventing conflict escalation. A temporary ceasefire has been announced, but Sharif emphasized that a lasting peace is crucial, calling it a “make or break” situation.
The prime minister said he would pass on the full benefit of reduced fuel prices to consumers once international rates dropped. He rejected a proposal to partially subsidize petrol and diesel prices, stating that the burden should be lifted entirely from citizens.
Last month, Sharif increased petrol prices by Rs55 per litre amid rising global market rates due to tensions in the Middle East. The latest reduction brings petrol down to Rs378 per litre from Rs458.4. High-speed diesel has been reduced to Rs520.35 per litre from Rs705.