PM Shehbaz Slashes Petrol Price by Rs74 Per Litre
News Desk
Islamabad: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum prices, cutting the price of petrol by Rs74 per litre and high-speed diesel by Rs67 per litre, following a sharp decline in global oil prices.
Under the revised rates, the price of petrol has been reduced from Rs373 to Rs299 per litre, while the price of high-speed diesel has been lowered from Rs378 to Rs311 per litre. The new prices will take effect from midnight, with the Ministry of Finance expected to issue a formal notification shortly.
In a statement issued by the Prime Minister’s Office on Friday, Shehbaz Sharif said the government was immediately passing on the benefits of improved regional economic conditions and lower global oil prices to the public. He described the move as the fulfillment of a promise made to the nation.
The prime minister acknowledged the hardships faced by citizens and thanked them for their patience and support during difficult economic circumstances. He said the government had worked to minimize the impact of rising fuel prices by utilizing its own resources.
According to the statement, the federal government provided relief worth Rs129 billion by reallocating funds from the development budget and implementing austerity measures to cushion the impact of soaring global oil prices.
Shehbaz Sharif noted that despite economic challenges in the region, Pakistan avoided an energy crisis due to effective planning. Unlike some countries that resorted to fuel rationing, Pakistan maintained uninterrupted supplies of petroleum products without shortages or long queues.
The prime minister also appreciated the cooperation of provincial governments in maintaining economic stability and said every possible effort had been made to protect citizens from global inflationary pressures. He reiterated that the government would continue taking measures to stabilize the economy and reduce inflation.
He further stated that subsidies and relief initiatives for vulnerable segments of society had been maintained throughout the crisis, adding that public welfare remained the government’s top priority.
Referring to recent diplomatic developments, Shehbaz Sharif said Pakistan’s mediation efforts contributed to peace in the Middle East and led to the signing of the Islamabad Memorandum of Understanding, which he described as a historic achievement.
The announcement came during the prime minister’s address to the National Assembly. Earlier reports on June 16 had indicated that a sharp decline in global oil prices could result in petroleum price cuts ranging from Rs70 to Rs100 per litre in Pakistan.
Impact of Global Oil Price Fluctuations
Pakistan has witnessed several major adjustments in fuel prices since the outbreak of the conflict involving Iran, Israel, and the United States, which triggered significant volatility in global oil markets.
The first major increase came on March 6, 2026, when the government raised petrol and diesel prices by approximately Rs55 per litre. Petrol reached around Rs321 per litre, while diesel rose to Rs335 per litre.
A second increase followed on April 3, when petrol prices surged by Rs137.23 per litre to Rs458.40, while diesel prices jumped by Rs184 per litre to Rs520.35.
Subsequently, amid public criticism and a partial decline in international oil prices, the government announced a major reduction of around Rs80 per litre in petrol prices, bringing the rate down to approximately Rs378 per litre.
On April 10, petrol prices were cut by Rs10 per litre and diesel prices by Rs135 per litre, reducing their rates to Rs366 and Rs385 per litre, respectively.
A week later, on April 17, the government reduced the price of high-speed diesel by Rs32.12 per litre, lowering it from Rs385.54 to Rs353.43, while petrol prices remained unchanged.
On April 18, the price of light diesel oil was reduced by Rs70.04 per litre, bringing it down from Rs369.72 to Rs299.32 per litre. Jet fuel prices were also cut by Rs23.59 per litre during the same period.
The latest reduction marks one of the largest decreases in petroleum prices in recent years and is expected to provide significant relief to consumers and businesses across the country.
