PM Shehbaz cuts petrol levy by Rs80, says price will drop to Rs378 per litre

Prime Minister Shehbaz Sharif on Friday announced a sharp reduction of Rs80 in the petroleum levy, in a move aimed at easing the financial burden on consumers amid rising global oil prices.

In a televised address, the premeier said the move will bring the price of petrol down to Rs378 per litre. The new price will be effective from midnight.

The address comes a day after the government had announced an unprecedented increase of Rs137.41, and Rs184.49 in the prices of petrol and high-speed diesel (HSD), respectively.

The prime minister said the federal government, in coordination with all four provinces, would continue efforts to ease public hardship during what he described as a critical period.

As part of austerity measures, he announced that federal cabinet members would now forgo their salaries for six months, extending an earlier decision of a two-month waiver aimed at managing the ongoing fuel crisis.

Addressing the nation, the prime minister said the country was facing a challenging time due to the ongoing conflict in the Middle East, which had driven oil prices sharply higher across global markets. Pakistan, he noted, was also feeling the impact of these rising costs.

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He said the burden was being borne by the poor, ordinary citizens and farmers, adding that the government had tried to make the best use of limited national resources to reduce these difficulties and support public welfare.

Highlighting the global situation, he said even major economies were struggling with inflation triggered by rising energy prices. “Pakistan is also being severely affected,” he said.

The prime minister added that he had deliberately avoided passing on the full impact of increased oil prices to the public over the past three weeks, keeping in view the financial strain on the common man.