Prime Minister Shehbaz Sharif on Friday announced a substantial reduction in petroleum prices, lowering the price of petrol by Rs74 per litre and diesel by Rs67 per litre.
Following the revision, petrol will cost Rs299 per litre, down from Rs373, while diesel has been reduced from Rs378 to Rs311 per litre, according to a statement issued by the Prime Minister’s Office.
The announcement came a day after Sharif signed the Islamabad Memorandum of Understanding in his role as mediator, formalising a diplomatic agreement between the United States and Iran. The memorandum also bears the signatures of US President Donald Trump and Iranian President Masoud Pezeshkian.
“The government is immediately passing on the benefit of improved regional economic conditions and lower global oil prices to the public,” the prime minister said, adding, “Whatever promise was made to the nation, Alhamdulillah, we are about to fulfil it.”
“We are well aware of the difficulties faced by the people; you have demonstrated exemplary patience and resilience in these challenging circumstances. We are deeply grateful to the people for standing by the government during these difficult times,” he added.