Prime Minister Shehbaz Sharif has announced a big cut in petrol and diesel prices, effective from April 11.
In a televised address on Friday, he announced reducing the petrol rate by around Rs12 per litre and that of diesel by Rs135 per litre, citing changes in the global oil prices.
The Petroleum Division issued a notification reducing petrol prices by Rs11.83 and diesel by Rs134.81 per litre, setting new rates at Rs366.58 and Rs385.54, respectively.
The price of kerosene has been reduced by Rs17.33 per litre to Rs450.15, while light diesel oil has been cut by Rs25.31 to Rs369.72.
PM Shehbaz said he rejected a proposal to divert fuel price relief towards government expenditure and insisted that the full benefit be passed on to the public.
He reiterated that providing relief to farmers and reducing input costs remained a key priority of his government, particularly at a time when agricultural productivity and affordability were under pressure.
Despite the reduction in fuel prices, he said, subsidies for motorcycles and transport would continue, while efforts would be made to further reduce costs for farmers.
The PM also briefed the nation on the ceasefire between the United States and Iran. He said the Gulf region was moving from conflict towards peace talks after both sides agreed to engage in negotiations and de-escalation.
Pakistan persuaded both sides to agree to a temporary ceasefire and invited them to Islamabad to resolve their disputes, he added.
He thanked the Iranian and US leadership for their support in facilitating the breakthrough. He also appreciated Deputy Prime Minister and Foreign Minister Ishaq Dar and his team for their efforts in securing the two-week ceasefire.
He also praised Chief of Defence Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir for his role in helping halt the conflict and bring both parties to the table.
