Prime Minister Shehbaz Sharif has announced a major reduction in petrol prices, bringing relief to consumers amid rising global fuel costs. The government has cut the petroleum levy by Rs80 per litre, lowering the petrol price to Rs378 per litre across Pakistan.
The new rate came into effect at midnight on Saturday and is expected to remain unchanged for at least one month.
Relief After Sharp Increase
The announcement comes just a day after the government raised petrol and diesel prices significantly due to surging international oil rates. Petrol had earlier reached Rs458 per litre, while high-speed diesel (HSD) climbed to Rs520.35.
To manage the impact, the government adjusted levy rates raising it on petrol while eliminating it on diesel to control transport and freight costs.
Govt Aims to Ease Public Burden
In a televised address, the prime minister acknowledged the financial pressure on citizens, especially low-income groups and farmers. He said the government had tried to absorb the shock of rising global oil prices by spending Rs129 billion over the past three weeks instead of passing the full burden onto the public.
He added that despite limited national resources, efforts were being made to provide maximum relief during this difficult period.
Austerity Measures Extended
As part of austerity steps, the prime minister also announced that federal cabinet members will now forgo their salaries for six months instead of the previously announced two months. He admitted that the decision was taken urgently without prior consultation with cabinet members.
Global Crisis Impact
The fuel crisis is largely linked to the ongoing Middle East conflict, which has caused a sharp rise in oil prices worldwide. The prime minister noted that even strong economies are struggling with inflation, and Pakistan is also facing serious challenges.
He assured that the federal and provincial governments would continue working together to support citizens and reduce economic hardships during this critical time.
