ISLAMABAD (Kashmir English): The federal government on Friday massively decreased the prices of petrol and diesel following a sharp decline in international crude oil rates, according to the press release issued by the Prime Minister’s Office.
As per the statement, the price of petrol is being reduced by Rs 74 per liter and the high-speed diesel (HSD) by Rs 67 per liter.
With the latest reduction, petrol has come down from Rs 373 to Rs 299 per liter, and diesel from Rs 378 to Rs 311 per liter, the press release stated.
The Petroleum Division has yet to issue the official notification for the weekly revised prices of petroleum products today.
Following the notification, which is expected to be issued later tonight, the new prices will take effect at midnight on Saturday, June 20.
The relief comes after the US-Iran peace agreement was signed with Pakistan’s diplomatic facilitation, which subsequently resulted in the reopening of the Strait of Hormuz and a reduction in global oil rates.
“The benefits of the improvement in the economic situation in the region and the reduction in oil prices are being immediately transferred to the people,” the Prime Minister was quoted as saying.
“We are well aware of the hardships faced by the people. You demonstrated unparalleled patience and forbearance during these difficult circumstances,” PM Shehbaz said.
The premier expressed gratitude to the people for “supporting the government in these difficult circumstances”.
‘Provided 129 billion in relief to people’
PM Shehbaz further added that the government provided relief to the people by using 129 billion from the development budget and through austerity measures during the oil crisis.
“During the economic situation in the region, when measures like fuel rationing were being taken in some countries, the Government of Pakistan ensured there was no energy crisis,” he was quoted as saying.
Additionally, the premier expressed his gratitude to the provincial chief ministers, noting that the federation and provinces worked in “complete coordination” to keep the country’s economy stable.
“We will continue to take effective steps to maintain economic stability and further reduce inflation,” PM Shehbaz reiterated. “Whatever reduction occurs in international oil prices will be passed on to the people in full,” he added.
Referring to regional developments, PM Shehbaz said, “Allah Almighty honored Pakistan to mediate peace between the US and Iran” and described the signing of the Islamabad Memorandum of Understanding as a historic achievement.
“Field Marshal Syed Asim Munir deserves special congratulations, whose tireless work and professional ability made this peace agreement possible,” the Prime Minister stated.
He also praised Chief of Defence Forces and Chief of Army Staff (COAS) Field Marshal Asim Munir, Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi, and other government ministers and officials for their contributions to the peace process and economic management during the crisis.
