Fuel prices set for major cut as global oil rates tumble: PM Shehbaz

Prime Minister Shehbaz Sharif on Friday said the ceasefire and ongoing peace efforts were expected to have a positive impact on the economies of Iran and Pakistan, noting that international oil prices had fallen sharply following the easing of regional tensions.

Addressing the National Assembly, Shehbaz recalled that the government had spent Rs128 billion to cushion consumers from the impact of higher fuel prices and inflation during the period of regional uncertainty, and announced that a substantial reduction in petroleum prices would be unveiled later in the day.

“The international oil prices have dropped significantly and are expected to reduce further,” he stated.

PM Shehbaz expressed confidence that Pakistan and Iran would enter a new era of prosperity, economic cooperation and stronger bilateral relations following the signing of the Islamabad Memorandum of Understanding (MoU) between Iran and the United States.

Pakistan has earned global recognition for its role in facilitating the peace agreement, he stated, calling it a moment of pride for the nation.

“Pakistan is being acknowledged around the world for helping bring about this peace deal,” the prime minister said, adding that the achievement reflected the country’s growing diplomatic stature.

The prime minister thanked Chief of Defence Forces Field Marshal Syed Asim Munir for playing the most important role in efforts to establish peace in the region. He also acknowledged the contributions of Deputy Prime Minister and Foreign Minister Ishaq Dar and Interior Minister Syed Mohsin Naqvi.

He also called on opposition parties to join the government in projecting a message of national unity, saying the success belonged to the entire nation.

The premier informed that a day ago, he received a telephone call from Iranian President Masoud Pezeshkian, who thanked Pakistan and its people for supporting Iran during a difficult period.

“I invited the Iranian president to visit Pakistan and told him that the entire nation will warmly welcome him upon his arrival in Pakistan,” he said, adding that the president assured him that he would visit Islamabad as soon as possible.

He added that Pezeshkian also invited him to participate in the funeral prayers of slain Iranian Supreme Leader, Ayatollah Ali Khamenei. He assured that a Pakistani delegation would attend the funeral.

PM Shehbaz thanked provincial governments for their cooperation in managing economic challenges and acknowledged the roles played by Iran, the United States, Qatar, Saudi Arabia, Turkiye and China in supporting the peace initiative.

He described the diplomatic achievement as a historic moment for Pakistan and expressed gratitude for the international respect the country had received.