Govt cuts petrol and diesel prices by Rs22 per litre

ISLAMABAD: In a major relief measure for the public on the occasion of Eid-ul-Azha, the federal government on Friday announced a substantial reduction of Rs22 per litre in the prices of petrol and high-speed diesel, aiming to ease the financial burden on citizens amid ongoing economic challenges.

Prime Minister Muhammad Shehbaz Sharif said the government remained fully committed to providing maximum relief to the people and described public welfare as one of his administration’s foremost priorities.

The prime minister stated that he had earlier promised the nation that whenever fiscal space became available, the government would immediately transfer the benefit to the public. He said the latest reduction in petroleum prices was a fulfilment of that commitment and a special Eid gift for the people on the third day of Eid-ul-Azha.

According to officials, the reduction in fuel prices is expected to lower transportation costs, provide relief to commuters and reduce operational expenses for businesses and industries dependent on fuel.

The development comes only days after the government had already announced another cut in petroleum prices, reflecting what officials described as the government’s continued efforts to shield the public from inflationary pressures and rising living costs.

Prime Minister Shehbaz Sharif said the federal government had consistently tried to protect ordinary citizens despite difficult economic conditions and volatility in international energy markets.

He highlighted that the government had introduced targeted fuel subsidies for public transport, goods transport vehicles, motorcycle riders and rickshaw drivers to lessen the burden on lower and middle-income groups.

The premier observed that while several countries in the region faced fuel shortages and long queues at petrol stations due to global supply disruptions, Pakistan had managed to maintain uninterrupted availability of petroleum products through timely policy decisions and effective management.

“At a time when people in other countries in the region were standing in queues to obtain petrol, timely measures taken by the government ensured uninterrupted availability of petrol and diesel in Pakistan,” he said.

Prime Minister Shehbaz Sharif further recalled that during the peak of the global oil crisis, when international petroleum prices had surged sharply, the government refrained from passing the entire burden onto consumers.

He said that despite rising global oil prices, the government had absorbed the pressure through subsidies exceeding Rs130 billion in order to prevent steep increases in domestic fuel prices and continue providing relief to the public.

Economic analysts believe the latest reduction in fuel prices could contribute to easing inflationary pressures, particularly in the transportation and food sectors, while also positively impacting overall market sentiment during the Eid period.

The government reiterated its commitment to taking further relief-oriented measures whenever economic conditions permit, with officials maintaining that public welfare and economic stability would remain central to policy decisions.