ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a significant reduction in fuel prices, cutting the rate of petrol by Rs12 per litre and diesel by Rs135 per litre following a decline in international oil prices.
In a televised address, the prime minister said the revised fuel prices would take effect from April 11. Later, the Petroleum Division of Pakistan issued an official notification confirming the reductions.
According to the notification, the price of petrol has been reduced by Rs11.83 per litre, bringing the new rate to Rs366.58. Similarly, diesel prices have been lowered by Rs134.81 per litre, setting the new price at Rs385.54 per litre.
Other petroleum products also saw reductions. The price of kerosene oil has been cut by Rs17.33 per litre to Rs450.15, while light diesel oil has been reduced by Rs25.31 per litre, bringing the new rate to Rs369.72.
The prime minister said the government had considered a proposal to divert the relief from falling global oil prices toward government spending but decided instead to pass the full benefit on to the public.
He emphasized that easing the financial burden on farmers and reducing agricultural input costs remained a top priority, particularly as the sector faces challenges related to productivity and affordability.
Shehbaz Sharif noted that the government had already spent Rs129 billion to curb inflation and provide relief to citizens despite ongoing financial constraints. He added that subsidies for motorcycles and transporters would continue, and further measures would be taken to support farmers.
During his address, the prime minister also spoke about regional diplomatic developments, noting that Pakistan was preparing to host important peace talks between the United States and Iran in Islamabad.
He said tensions in the Gulf region were shifting toward dialogue after both countries agreed to de-escalation and negotiations. According to the prime minister, Pakistan played a role in persuading both sides to agree to a temporary ceasefire and invited them to Islamabad for discussions.
He thanked the leadership of both countries for their cooperation and acknowledged the efforts of Ishaq Dar, Pakistan’s Deputy Prime Minister and Foreign Minister, and his diplomatic team for helping secure the two-week ceasefire.
The prime minister also praised Chief of Army Staff Syed Asim Munir for his role in supporting efforts aimed at reducing tensions and encouraging both sides to engage in negotiations.