ISLAMABAD: Prime Minister Shehbaz Sharif said on Friday that the government will announce a substantial cut in petrol prices today, citing falling global oil rates after the regional ceasefire.
Addressing the National Assembly, Sharif said his government had promised to pass on any drop in oil costs to the public. “Three months ago when war broke out, oil prices caught fire. After the ceasefire they are coming down fast. We will announce a meaningful reduction today,” he said. The weekly fuel price review is due later in the day.
He linked the relief to improved regional stability. Sharif said he spoke to Iran’s president last evening, who thanked Pakistan repeatedly and said he would visit to thank the people. He also said Pakistan will send a delegation to attend the funeral of Iran’s Supreme Leader Ayatollah Ali Khamenei on July 3-4. “We are two brotherly nations and will cooperate even more closely going forward,” he said.
The PM tied the announcement to national unity, thanking Deputy PM Ishaq Dar, Interior Minister Mohsin Naqvi, the opposition leader, and crediting Field Marshal Syed Asim Munir for a “key role” in recent developments. “We don’t want credit for ourselves. The aim was to bring credit to the nation,” he said.
Earlier, Sharif claimed Pakistan’s international standing has improved. “Today Pakistan’s name echoes with respect and dignity across the world,” he told the house.
The Finance Division is expected to release the new petrol prices tonight for the next fortnight.
