ISLAMABAD: Prime Minister Shehbaz Sharif has announced that a “significant” reduction in petroleum prices will be unveiled later in the day, citing a sharp fall in global crude oil rates following recent geopolitical developments and a US-Iran understanding.
Addressing the National Assembly, the prime minister said the government would pass on the benefit of lower international oil prices directly to consumers, as part of its weekly fuel price revision mechanism.
“Today, we have to announce the weekly revision in oil and petrol prices. As promised, we will transfer the relief to the people, and a significant decrease will be announced,” he said.
He noted that global oil markets had eased following a recent agreement between the United States and Iran, which helped reduce tensions in the Middle East and stabilise energy supply routes. He added that further price reductions could follow if the trend continues.
The prime minister recalled that fuel prices had surged earlier during the conflict, leading to inflationary pressure in the country. However, he said the government had taken steps, including spending Rs128 billion, to reduce the impact on citizens.
He expressed optimism about the country’s economic outlook, saying “the sun of progress and prosperity is about to rise” as global conditions improve.
Shehbaz Sharif also thanked cabinet members, provincial governments and institutions for their role in stabilising the economy during the crisis period. He particularly appreciated efforts made by the finance, petroleum and planning ministries.
The prime minister highlighted Pakistan’s diplomatic role in facilitating dialogue between the US and Iran, describing it as a major foreign policy success that contributed to regional de-escalation.
He said Pakistan’s mediation efforts had enhanced its international standing and called for national unity in recognising the achievement.
A formal announcement of revised petroleum prices is expected later today, which could bring notable relief to inflation-hit consumers across the country.