PM Shehbaz Sharif Announces Major Fuel Price Cut, Diesel Reduced by Rs135 per Litre

Islamabad: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum prices in a televised address to the nation, offering major relief to citizens affected by rising inflation.

During his speech, the prime minister revealed that following a decline in global oil prices, he was advised to withhold passing on the relief to the public in order to offset the Rs129 billion burden the government had recently incurred on subsidies. However, he said he rejected all such recommendations and decided that the benefit must be directly transferred to the people.

According to the announcement, the new prices will come into effect from midnight:

Diesel: Reduced by Rs135 per litre, bringing the price down from Rs520 to Rs385 per litre.
Petrol: Reduced by Rs12 per litre, lowering the price from Rs378 to Rs366 per litre.

The prime minister also clarified that previously announced subsidies and financial assistance for transporters, freight vehicles, and farmers will continue without any cuts. He emphasized that the government is committed to maximizing economic relief for the common citizen.

The move is being seen as a major step aimed at easing inflationary pressures and providing immediate financial relief across various sectors of the economy.