Government cuts petrol by Rs74 and diesel by Rs67 per litre

ISLAMABAD: The federal government has announced a sharp reduction in fuel prices, lowering petrol by Rs74 per litre and diesel by Rs67 per litre, according to a statement issued by the Prime Minister’s Office on Friday.

Prime Minister Shehbaz Sharif said the revised rates would bring petrol down from Rs373 to Rs299 per litre, while diesel would drop from Rs378 to Rs311 per litre. He said the government was transferring to consumers the benefit of better regional economic conditions and lower oil prices in the international market.

In the statement, the prime minister said the government understood the hardships faced by the public and had sought to cushion the impact of global inflation through the resources available since the economic crisis began. He added that the government had met its commitment after the public showed patience during difficult economic conditions.

Shehbaz also said the federal government had used Rs129 billion through savings and adjustments in the development budget to provide relief and prevent a steeper increase in petroleum prices. He further said that despite regional economic instability, Pakistan avoided fuel shortages and rationing because of effective planning and management.