Fuel Prices: Pakistan slashes petrol and diesel rates after global oil slide and regional accord
fuel prices, petrol price, diesel rates, Pakistan economy, Shehbaz Sharif, global oil, Iran US deal, Islamabad MoU
In Pakistan, fuel prices dropped sharply on Friday after Prime Minister Shehbaz Sharif announced significant reductions in petrol and diesel rates, linking the move to easing global oil markets and improved regional stability.
The government cut petrol by Rs74 per litre and diesel by Rs67 per litre. Officials set new prices at Rs299 per litre for petrol and Rs311 per litre for diesel, replacing previous higher rates.
Shehbaz Sharif said the government passed on the benefit of falling global crude prices directly to consumers. He added that the administration fulfilled its promise to provide relief during economic pressure.
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Officials said global oil prices fell after supply routes reopened through the Strait of Hormuz following a US-Iran understanding. Markets reacted quickly, and oil shipments resumed, easing concerns over shortages.
The government absorbed Rs129 billion through fiscal adjustments and austerity measures to stabilise domestic prices. Authorities redirected development spending and reduced internal costs to maintain relief for consumers.
Pakistan avoided fuel shortages during regional uncertainty as federal and provincial coordination kept supply chains stable. Authorities reported smooth distribution without queues or disruptions across the country.
The administration extended targeted subsidies to vulnerable groups while maintaining broader fiscal discipline. It also prioritised inflation control and macroeconomic stability.
The prime minister said Pakistan’s diplomatic engagement contributed to easing regional tensions. He described the “Islamabad Memorandum of Understanding” as a key step in stabilising the situation and supporting energy markets.
Senior officials, including Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi, received praise for their roles in negotiations.
Military leadership, including Chief of Army Staff Asim Munir, also received acknowledgment for supporting stability efforts during the diplomatic process.
International oil markets fell further as traders responded to improved supply expectations. Brent crude and US West Texas Intermediate both declined after tankers began moving again through key shipping routes.
