ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a sharp reduction in domestic fuel prices, lowering petrol by Rs74 per litre and high-speed diesel (HSD) by Rs67 per litre, citing a decline in international crude oil prices and easing external pressures.
According to a statement issued by the Prime Minister’s Office, the revised prices set petrol at Rs299 per litre, down from Rs373, while HSD now stands at Rs311 per litre, compared to Rs378 previously. The new rates take effect immediately.
The government said the cuts reflect improved global economic conditions and a downward trend in international oil markets, which it said had created fiscal space to pass on relief to consumers.
READ MORE: Govt cuts petrol price by Rs4, diesel by Rs2 per litre
Prime Minister Sharif, quoted in the statement, said the government had committed to transferring the benefit of lower global prices to the masses.
“We had made a promise to the nation and, by the grace of Allah, we are now fulfilling it,” he said, adding that any further decline in international oil prices would also be passed on to consumers.
He thanked masses for their patience during recent price volatility and said the government had managed to absorb part of the fiscal pressure through adjustments, including the use of development allocations and savings from austerity measures.
The prime minister also said Pakistan had maintained uninterrupted fuel supply during recent periods of volatility, crediting coordination between federal and provincial authorities.
The statement referred to recent regional diplomatic developments and improvements in global energy supply conditions as contributing factors to easing oil prices.
At peak levels earlier this year, official data cited petrol prices reaching Rs458.4 per litre and HSD at Rs520.35 per litre following earlier global oil spikes.
Fuel prices in the country have fluctuated since late February due to global crude oil volatility, prompting multiple government revisions.
Petrol affects daily transport costs for lower- and middle-income groups, while diesel impacts freight, public transport, and agriculture, making it a key driver of supply chain costs and overall inflation.
Copyright Business Recorder, 2026
Comments