ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Friday announced a major reduction in petroleum prices, saying the benefits of improved regional economic conditions and lower global oil prices were being passed on immediately to the public following the restoration of peace through Pakistan’s mediation efforts.
In a statement, the prime minister said the price of petrol was being reduced by Rs74 per litre and the price of high-speed diesel by Rs67 per litre.
He said the reduction would bring the price of petrol down from Rs373 per litre to Rs299 per litre, while the price of diesel would decrease from Rs378 per litre to Rs311 per litre.
The prime minister said he was fulfilling a promise made to the nation and thanked Allah for making it possible.
“You are well aware of the hardships faced by the people and have shown unparalleled patience and resilience during this difficult period,” he said, adding that the government was deeply grateful to the public for supporting it through challenging circumstances.
Shehbaz Sharif said the government had tried since the beginning of the crisis to reduce fuel prices as much as possible within available resources. He said the federal government utilised Rs129 billion from the development budget and generated savings through austerity measures to provide relief to the people amid rising oil prices.
The prime minister said Pakistan successfully avoided an energy crisis despite difficult regional economic conditions. He noted that while some countries had resorted to fuel rationing, Pakistan’s planning ensured uninterrupted supplies of petroleum products.
“Thanks to effective measures, there were no long queues, no shortages and no disruption in the supply of petroleum products,” he said.
He also thanked provincial governments for their cooperation in maintaining economic stability and said both the federation and provinces worked together to shield the public from the effects of global inflation.
The prime minister said the decline in international oil prices was now being transferred directly to consumers and reiterated the government’s commitment to maintaining economic stability and further reducing inflation.
He said the government had adopted austerity measures throughout the crisis while continuing to provide subsidies and relief to underprivileged segments of society.
“Providing maximum relief to the people remains the government’s top priority,” he said.
Referring to regional developments, Shehbaz Sharif said peace in the tense Middle East situation had become possible through Pakistan’s mediation efforts. He described the Islamabad Memorandum of Understanding as a historic document and said Allah Almighty had honoured Pakistan with the opportunity to facilitate peace.
The prime minister congratulated Field Marshal Syed Asim Munir, saying his tireless efforts and professional capabilities had made the peace agreement possible.
He also paid tribute to Deputy Prime Minister and Foreign Minister Senator Ishaq Dar, Interior Minister Syed Mohsin Raza Naqvi and the entire government team involved in the peace efforts.
In addition, he commended the economic team, including Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema, Petroleum Minister Ali Pervez Malik, the Finance Secretary, Petroleum Secretary and Chairman FBR for their contributions during the economic crisis.
