Islamabad-Web Desk: Prime Minister Shehbaz Sharif has announced a sharp reduction in fuel prices, including a Rs135 per litre cut in diesel and a Rs12 per litre reduction in petrol, in a televised address to the nation, describing the move as part of broader economic relief measures.
Under the revised pricing structure, diesel has been reduced to Rs385 per litre, while petrol will now cost Rs366 per litre, with the new rates taking effect from midnight.
The prime minister said the government was passing on the benefit of declining global oil prices to the public, adding that easing inflationary pressure remained a key priority. He noted that Rs129 billion in subsidies had already been provided to support consumers across various sectors.
Shehbaz Sharif said recommendations from the Oil and Gas Regulatory Authority (OGRA) were reviewed but not fully adopted, allowing for a deeper cut in diesel prices to provide broader economic relief.
Officials say the reduction in diesel prices is expected to significantly impact transport, agriculture, and logistics sectors, potentially lowering the cost of goods movement and public transportation across the country.
Petrol price cuts are also expected to ease financial pressure on private motorists and urban commuters, while targeted subsidies for motorcycles, freight, and public transport are expected to continue.
US-Iran Talks in Islamabad
During his address, the prime minister also referred to regional diplomatic developments, saying tensions in the Gulf had eased following a temporary ceasefire agreement. He confirmed that Iran and the United States had agreed to engage in talks hosted by Pakistan in Islamabad.
He thanked Iran and the United States for agreeing to dialogue and praised Pakistan’s diplomatic efforts in facilitating the negotiations. Sharif also acknowledged the contributions of Deputy Prime Minister Ishaq Dar and military leadership in supporting de-escalation efforts.
The premier said Pakistan’s role in hosting high-level talks reflected growing international confidence in its diplomatic outreach amid shifting regional dynamics.
