Petrol and Diesel Prices Slashed by Up to Rs 74 in Major Relief Move.

The government of Pakistan has announced a significant reduction in petroleum prices following a landmark peace deal between Iran and the United States that has eased global oil market tensions. Petrol prices have been slashed by Rs 74 per litre and diesel by Rs 67 per litre, providing immediate relief to consumers across the country.

Relief for Transport and Agriculture Sectors

High Speed Diesel, widely used in transport and agriculture, will now cost Rs 311 per litre instead of Rs 378. This substantial cut is expected to lower transportation costs and reduce input expenses for farmers, helping curb overall inflation in the economy. Industry experts believe the move will have a cascading positive effect on the prices of essential commodities.

Support for Daily Commuters and Middle Class

Petrol prices have dropped from Rs 373 to Rs 299 per litre. This benefits millions of motorbike owners and car users who rely on petrol for daily commuting. The government had previously announced subsidies for motorbike owners during price hikes, and this reduction fulfills that commitment while easing the burden on the middle class.

Prime Minister Shahbaz Sharif made the announcement on Friday, highlighting how the drop in global oil prices to around $75 per barrel enabled the government to pass on the full benefit to citizens. Oil contracts settled at $75.22 per barrel, down 8.73% from the previous week.

The Prime Minister credited austerity measures and savings of Rs 129 billion from the development budget for making this relief possible without compromising fiscal stability. “The promise we made to the nation is, by the grace of Allah, now being fulfilled,” he said.

He praised the resilience of the Pakistani people during challenging times and thanked provincial chief ministers for their cooperation. Pakistan successfully avoided fuel shortages and long queues through effective planning, unlike some other countries that resorted to rationing.

PM Sharif also paid tribute to Field Marshal Syed Asim Munir for his role in facilitating the Islamabad Memorandum of Understanding, which contributed to regional peace and economic improvement. The government reiterated its commitment to maintaining economic stability and further reducing inflation in the coming months.

This price reduction is being seen as a major win for the government’s economic management and a direct response to improved global conditions. Consumers are expected to see benefits at pumps starting immediately, with analysts predicting a boost in economic activity in the transport and agriculture sectors.

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