ISLAMABAD: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum prices for the week from Saturday.
According to an official notification, the prices of petrol and high-speed diesel have been reduced by Rs22 per litre, with the new rates coming into effect from midnight.
The prime minister said providing relief to citizens remains a top priority, adding that the government is committed to passing on the benefit whenever fiscal space allows. He noted that fuel prices were also reduced last week as part of continued efforts to ease inflationary pressure.
Under the revised rates, petrol has been reduced to Rs381.78 per litre, while high-speed diesel will now cost Rs380.78 per litre.
Shehbaz Sharif highlighted that despite challenging economic conditions, the government has maintained subsidies on fuel, particularly benefiting public transport, goods transport, motorcyclists, and rickshaw users.
Meanwhile, global oil prices have declined following reports of a possible extension in the ceasefire between the United States and Iran, easing pressure on international markets.
In the global market, Brent crude prices dropped by over 10 percent in recent weeks, trading around $91.77 per barrel, while West Texas Intermediate crude fell to approximately $87.78 per barrel.
