Shehbaz Sharif, Prime Minister of Pakistan, on Friday announced a significant reduction in fuel prices, slashing high-speed diesel by Rs135 per litre and petrol by Rs12 per litre, providing much-needed relief to consumers.
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Addressing the nation, the premier described the development as coinciding with a “historic moment,” as tensions in the Middle East ease and diplomatic efforts replace conflict between the United States and Iran.
He thanked the leadership of both countries for accepting Pakistan’s mediation efforts, agreeing not only to a temporary ceasefire but also to participate in peace talks in Islamabad aimed at resolving the crisis through dialogue.
The latest reduction comes after weeks of volatility in fuel prices driven by the recent US-Iran conflict, which had pushed global oil rates sharply higher. Last month, the government increased petroleum prices by up to Rs55 per litre due to rising international costs.
Officials noted that the government had absorbed financial pressure by extending a subsidy of Rs129 billion over the past three weeks to shield consumers from further increases. However, on April 2, petrol prices surged to a record Rs458.4 per litre, while high-speed diesel reached Rs520.35 per litre following steep hikes.
In a subsequent move, the prime minister reduced the petroleum levy on petrol by Rs80 per litre, bringing prices down to Rs378 per litre before the latest cuts.
The new price reduction reflects improving global sentiment amid easing geopolitical tensions and signals the government’s intent to pass on relief to the public as stability returns to international energy markets.
