Islamabad: The federal government on Friday announced a significant reduction in petroleum prices, cutting petrol by Rs74 per litre and high-speed diesel by Rs67 per litre in what officials described as a major relief measure for the public amid easing global oil prices.
According to a statement issued by the Prime Minister’s Office, Prime Minister Shehbaz Sharif said the revised prices reflect the government’s decision to pass on the benefits of improved regional economic conditions and a decline in international crude oil rates to consumers.
New Fuel Prices Announced
Following the latest revision, the price of petrol has been reduced from Rs373 to Rs299 per litre. Similarly, the price of high-speed diesel has been cut from Rs378 to Rs311 per litre.
Officials said the adjustment aims to provide immediate relief to households and businesses facing pressure from inflation and rising living costs over the past several months.
PM Shehbaz Calls Price Cut a Public Relief Commitment
Prime Minister Shehbaz Sharif said the government has “fulfilled its commitment” to provide relief to the public, acknowledging the economic challenges faced by citizens during a prolonged period of inflation.
According to Beyond Time News, the prime minister stated that the government has consistently worked to reduce the burden of global price fluctuations by using available fiscal resources and adjusting development expenditures where necessary.
He added that public patience during difficult economic conditions was appreciated and that the government remained focused on stabilizing prices.
Petrol Price in Pakistan Likely to Drop Again as Government Considers Major Relief
Rs129 Billion Used to Stabilize Fuel Prices
The prime minister further revealed that the federal government had absorbed Rs129 billion through internal savings and adjustments in the development budget to avoid sharp increases in petroleum prices in previous months.
He said these measures were necessary to shield consumers from the full impact of international oil market volatility and domestic economic pressures.
Officials noted that such interventions helped prevent fuel shortages and rationing during periods of regional economic uncertainty.
Impact of Global Oil Market Trends
The price reduction comes amid a broader decline in global energy prices, which has provided fiscal space for countries like Pakistan to adjust domestic fuel rates.
Energy analysts say local petroleum pricing in Pakistan is closely linked to international crude oil trends and exchange rate movements, making periodic adjustments necessary to maintain market balance.
The government’s decision is expected to ease transport costs, inflationary pressure, and production expenses across multiple sectors.
Public Reaction and Economic Outlook
Initial public response to the price cut has been largely positive, particularly among transport operators and low- to middle-income households who are most affected by fuel price changes.
However, economists caution that long-term stability will depend on sustained global price trends, fiscal discipline, and broader macroeconomic performance.
Conclusion
The sharp reduction in petroleum prices marks one of the most significant fuel price adjustments in recent months, offering immediate relief to consumers while reflecting falling international oil rates. Authorities say the government will continue monitoring global markets to ensure timely and balanced pricing decisions.
FAQs
What is the new price of petrol in Pakistan?
The new petrol price is Rs299 per litre after a reduction of Rs74.
What is the new diesel price?
High-speed diesel now costs Rs311 per litre after a cut of Rs67.
Why did the government reduce fuel prices?
The government cited falling global oil prices and improved regional economic conditions.
Has the government taken measures to stabilize prices earlier?
Yes, officials said Rs129 billion was used through budget adjustments to manage fuel prices.
Will fuel prices change again soon?
Future changes depend on global oil prices, exchange rates, and government policy decisions.
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