Key Points:
- Diesel price cut by Rs135 per litre, petrol price reduced by Rs12 per litre.
- New diesel price set at Rs385 per litre from midnight.
- Petrol price revised down to Rs366 per litre effective midnight.
- PM says temporary ceasefire reached between hostile regional parties.
ISLAMABAD: Pakistan’s Prime Minister Shehbaz Sharif announced on Friday a sharp reduction in petroleum prices and a series of economic relief measures in a televised address to the nation, alongside claims of diplomatic progress in easing tensions between Iran and the United States.
Announcing immediate price cuts, the prime minister said diesel rates had been reduced by Rs135 per litre, bringing the price down from Rs520 to Rs385. Petrol prices were also lowered by Rs12 per litre, reducing the rate from Rs378 to Rs366. The revised prices will take effect from midnight.
“جب سے قیامت خیز مہنگائی کا طوفان آیا ہے۔ میں نے آپ سے یہ وعدہ کیا تھا کہ جونہی عالمی منڈی میں تیل کی قیمتیں گریں گی، میں ان شاء اللہ وہ فائدہ فوراً آپ تک پہنچاؤں گا۔ گندم کی کٹائی شروع ہو چکی ہے اور اس مرحلے پر اپنے محنتی کسان کے لیے لاگت کم کرنا انتہائی ضروری ہے۔ ورنہ نا صرف… pic.twitter.com/0GonuIncs9
— Government of Pakistan (@GovtofPakistan) April 10, 2026
The announcement comes amid easing trends in global oil markets, which the government said had created fiscal space to pass on benefits to consumers. The prime minister said that his advisors suggested him that a portion of the relief should be redirected to absorb previously incurred subsidy costs, while ensuring continued support for vulnerable segments of society. “But I did not accept that.”
The prime minister also reaffirmed that targeted subsidies for two-wheelers and public transport users would continue in coordination with provincial governments. He said the government remained committed to shielding citizens from inflationary pressures while managing fiscal constraints.
He added that despite rising global economic challenges, the government’s priority remained providing relief to ordinary citizens, particularly farmers and commuters affected by high fuel and transport costs.
Diplomatic efforts gain momentum
In his address, the prime minister also claimed that hostile parties involved in a recent regional conflict had agreed to move from confrontation to dialogue, with a temporary ceasefire already in place. He said both sides had now agreed to pursue negotiations aimed at achieving a durable peace settlement.
“ان نازک ترین لمحات میں پاکستان کی قیادت نے انتہائی محتاط انداز میں مگر بڑے اعتماد کے ساتھ دونوں فریقین کو عارضی جنگ بندی پر نا صرف راضی کیا بلکہ اسلام آباد آنے کے لیے پُرخلوص دعوت بھی دی، اس کے لیے میں ڈپٹی پرائم منسٹر اسحاق ڈار صاحب اور ان کی ٹیم کو دن رات کی محنت اور خلوصِ دل… pic.twitter.com/OeRz6wBjjl
— Government of Pakistan (@GovtofPakistan) April 10, 2026
The prime minister further said that leadership from Iran and the United States would arrive in Islamabad for talks, following what he described as Pakistan’s mediation efforts and an invitation extended by the government.
He thanked Deputy Prime Minister Ishaq Dar and his team for their efforts in facilitating dialogue, and paid tribute to Field Marshal Asim Munir and his team, crediting them with playing a “key and historic role” in de-escalating tensions and bringing the parties to the negotiating table.
Calling the situation a “make-or-break moment,” the prime minister cautioned that while a temporary ceasefire had been achieved, securing long-term peace would require sustained diplomatic effort. He urged the public to pray for the success of the negotiations, saying they could help save countless lives and contribute to global stability.
