The government on Friday reduced the prices of petrol by Rs74 per litre and diesel by Rs67 per litre following a sharp decline in international crude oil rates and easing geopolitical tensions in the Middle East.
The relief comes in the wake of the US-Iran peace agreement, brokered and mediated with Pakistan’s diplomatic facilitation, and the subsequent reopening of the Strait of Hormuz, a critical global oil shipping route.
The relief comes in the wake of the US-Iran peace agreement, brokered and mediated with Pakistan’s diplomatic facilitation, and the subsequent reopening of the Strait of Hormuz, a critical global oil shipping route.
“Petrol prices are being reduced by Rs74 per litre and diesel prices by Rs67 per litre. As a result, the price of petrol will fall from Rs373 to Rs299 per litre, while diesel will decrease from Rs378 to Rs311 per litre,” the Prime Minister’s Office said in a statement.
He said the government was immediately passing on to the public the benefits of improved economic conditions in the region and lower international oil prices.
“We had made a promise to the nation and, by the grace of Allah, we are now fulfilling it,” he said.
The prime minister acknowledged the difficulties faced by citizens and thanked them for showing patience during the recent crisis. He said the federal government had used Rs129bn from development allocations and savings generated through austerity measures to provide relief and shield consumers from the full impact of rising fuel prices.
The prime minister further said Pakistan had avoided an energy crisis despite regional economic challenges. “There were no fuel shortages, no long queues and no disruption in the supply of petroleum products,” he said, attributing this to government planning and coordination between the federal and provincial governments.
