ISLAMABAD: Prime Minister Shehbaz Sharif on the third day of Eid announced a Rs22 per litre reduction in petrol and diesel prices, marking the third consecutive cut in fuel rates and providing further relief to consumers amid a decline in global oil prices.
According to an official statement, the prime minister approved a Rs22 per litre cut in both petrol and high-speed diesel prices. The new rates came into effect from midnight after the issuance of a formal notification.
Under the revised prices, petrol has been reduced by Rs22 per litre to Rs381.78 per litre, while high-speed diesel has also been cut by Rs22 per litre to Rs380.78 per litre.
Prime Minister Shehbaz Sharif said providing relief to the public remains one of his top priorities, adding that he had promised to pass on the benefit to consumers whenever fiscal space became available. He noted that the government had also reduced petrol and diesel prices last week and continued to provide relief despite challenging economic conditions.
The premier said subsidies had been extended to public and goods transport operators, motorcyclists and rickshaw drivers, adding that the government ensured fuel relief even when several countries were facing fuel shortages and long queues at petrol stations.
The reduction follows a significant decline in international oil prices. Reports of a 60-day extension in the ceasefire between the United States and Iran have eased concerns over supply disruptions, leading to a sharp drop in crude oil prices.
Brent crude fell by more than 10 percent and was trading at $91.77 per barrel, while West Texas Intermediate (WTI) crude dropped 1.29 percent to $87.78 per barrel. Over the past three days, Brent crude has declined by $8.33 per barrel, while WTI crude has fallen by $6.63 per barrel.
