Petroleum prices in Pakistan saw a sharp decline on Friday after Prime Minister Shehbaz Sharif announced major cuts to fuel rates. The move aims to ease pressure on citizens struggling with high inflation.
In a national address, he said petroleum prices had been reduced significantly. High-speed diesel dropped by Rs135 per litre, bringing it down from Rs520 to Rs385. Petrol prices also fell by Rs12 and now stand at Rs366 per litre.
The prime minister said the decision reflects his promise to pass on the benefit of falling global oil rates to the public. He acknowledged the financial strain people have faced in recent months and said relief was necessary.
Petroleum prices have been a key concern for households and businesses alike. The latest reduction is expected to lower transport costs and bring some stability to daily expenses.
Alongside the announcement, Shehbaz Sharif confirmed that Pakistan will host important talks between the United States and Iran in Islamabad. He said both countries accepted his offer to engage in dialogue.
He called it a proud moment for Pakistan, adding that the country is playing a vital role in promoting peace. He also praised the efforts of the military leadership for helping create conditions for a temporary ceasefire.
The prime minister warned that achieving a lasting agreement will not be easy. He described the next phase of talks as critical and urged the nation to pray for success.
Pakistan has increased security and preparations ahead of the talks, which are seen as crucial for regional peace and global energy stability. The government says it will continue working to ensure positive outcomes through dialogue.
