Prime Minister Shehbaz Sharif on Thursday announced a massive reduction in petroleum prices, saying the government was immediately passing on the benefit of improved regional economic conditions and falling international oil prices to the public.
In a statement, the prime minister said petrol prices would be reduced by Rs74 per litre and diesel prices by Rs67 per litre. Following the reduction, the price of petrol would decrease from Rs373 to Rs299 per litre, while diesel would fall from Rs378 to Rs311 per litre.
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Shehbaz Sharif said the government had fulfilled its commitment to transfer the benefit of declining global oil prices directly to consumers.
The prime minister said the federal government had spent Rs129 billion through savings generated from austerity measures and development funds to shield the public from the impact of rising fuel prices during the recent crisis.
He said Pakistan successfully avoided an energy crisis despite regional tensions, adding that there were no fuel shortages, rationing measures or long queues at petrol stations during the period.
According to the prime minister, the government would continue passing on any future reduction in international oil prices to the public while pursuing measures aimed at maintaining economic stability and reducing inflation.
Shehbaz Sharif also praised the efforts of the federal and provincial governments, as well as the economic and energy teams, for ensuring uninterrupted fuel supplies and managing the crisis effectively.
