Key Points
- Fuel prices to be reduced significantly
- Global oil prices fall after US-Iran deal
- Government to pass relief to consumers
- Pakistan hails role in regional diplomacy
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a significant reduction in petroleum product prices, saying the government would pass on the benefits of declining international oil prices to consumers to provide relief from inflationary pressures.
Addressing the National Assembly, the prime minister said the reduction would fulfil the government’s promise to transfer the gains from lower global crude oil prices directly to the public.
According to the Prime Minister, the price of petrol will go down by Rs 74 per litre, and the diesel price reduction would be Rs 67 per litre.
He said international petroleum prices had fallen following the peace agreement between the United States and Iran and expressed confidence that energy markets would remain stable, potentially leading to further reductions in oil prices.
The prime minister noted that the government had previously refrained from fully passing on the impact of rising oil prices during a period of heightened regional tensions in an effort to shield citizens from inflation.
He said the federal government had absorbed an estimated Rs 128 billion in costs to protect consumers from the burden of higher fuel prices.
Shehbaz Sharif thanked the public for their patience during what he described as a difficult economic period marked by external shocks and regional uncertainty.
Diplomatic achievement
The prime minister also highlighted Pakistan’s role in facilitating dialogue that contributed to easing tensions between Washington and Tehran, describing it as a significant diplomatic achievement.
He said Pakistan’s international standing had been enhanced by its efforts to support peace and stability in the region. According to the prime minister, the country’s contribution to the US-Iran rapprochement had earned it recognition and respect on the global stage.
Calling for national unity, he urged parliament to adopt a unanimous resolution acknowledging what he termed a major diplomatic success and to convey a message of solidarity to the international community.
Shehbaz Sharif commended the contributions of Chief of Army Staff and Chief of Defence Staff Field Marshal Syed Asim Munir, Deputy Prime Minister Ishaq Dar and Interior Minister Mohsin Naqvi for their roles in supporting diplomatic engagement aimed at reducing regional tensions.
Pakistan-Iran relations
Referring to a recent telephone conversation with Iranian President Masoud Pezeshkian, the prime minister said the Iranian leader had thanked Pakistan and its people for their support during challenging circumstances.
He said he had invited President Pezeshkian to visit Pakistan, expressing confidence that the visit would further strengthen the longstanding relationship between the two neighbouring countries.
The prime minister said the Iranian president had also invited Pakistan to participate in the funeral ceremonies of late Iranian Supreme Leader Ali Khamenei. He said a Pakistani delegation would attend the funeral prayers.
Shehbaz Sharif said Pakistan and Iran would continue to deepen cooperation across multiple sectors, including trade, investment and regional connectivity.
He expressed optimism that the easing of tensions between Iran and the United States would support economic recovery and create new opportunities for growth and prosperity across the wider region.
