PM announces major fuel price cut, petrol and diesel reduced by Rs22 per litre
Prime Minister Shehbaz Sharif Friday announced a significant reduction in petrol and diesel prices, describing it as an “Eid gift” for the public on the third day of Eid, according to an official statement.
The price of petrol has been reduced by Rs22 per litre, while high-speed diesel has also been slashed by Rs22 per litre, the announcement said.
Under the revised rates, petrol (motor spirit) will now cost Rs381.78 per litre, down from Rs403.78. Similarly, high-speed diesel (HSD) has been reduced from Rs402.78 to Rs380.78 per litre.
Prime Minister Shehbaz Sharif said the decision was made to pass on available fiscal space and international price adjustments to consumers, in line with the government’s commitment to provide relief whenever possible.
Prime Minister said the move fulfils an earlier promise to the nation that relief would be provided as soon as financial space became available, adding that easing the burden on citizens remains a top priority of the government.
“Providing relief to the people is one of my top priorities,” the Prime Minister said, according to the statement.
The prime minister noted that this is not the first reduction in fuel prices, adding that relief was also provided in the previous week through a separate price adjustment.
The prime minister said the federal government has continued to extend support to consumers even under difficult global economic conditions, including targeted fuel subsidies for public transport, goods transport, and motorcycle and rickshaw users.
The prime minister’s statement added that despite volatility in global oil markets and rising international crude prices, the government had previously absorbed pressure through subsidies exceeding Rs130billion, thereby preventing steep increases in domestic fuel prices.
The prime minister also highlighted that while some countries in the region faced fuel shortages or long queues, Pakistan ensured uninterrupted fuel availability through timely policy interventions and subsidy measures.
The latest reduction is expected to provide broad-based relief to consumers and transporters across the country ahead of the upcoming economic cycle.