The federal government has announced a significant reduction in petrol and diesel prices, providing major relief to consumers across the country. Prime Minister Shehbaz Sharif has said that the benefits of the reduction in oil prices in the global market are being passed on directly to the people to reduce inflationary pressures.
According to the Prime Minister, after a reduction of Rs 74 per litre in the price of petrol, the new price will be Rs 299 per litre, while the price of diesel has been reduced by Rs 67 to Rs 311 per litre. The government maintains that this move is part of the policy of public relief and economic stability.
In his message, the prime minister said that the patience and cooperation shown by the people during the economic challenges are commendable. He said that the government has tried since the beginning of the crisis to ensure that the full burden of the increase in oil prices at the global level does not fall on the people and to provide maximum relief within the available resources.
Shahbaz Sharif explained that the government allocated Rs129 billion through austerity measures and savings in the development budget, which were used for public relief. He said that various subsidy programs were also continued to provide protection to the vulnerable and low-income groups.
The Prime Minister also mentioned Pakistan’s role in peace in the Middle East on this occasion and said that Pakistan’s efforts at the diplomatic level have yielded positive results. According to him, the reconciliation progress made in Islamabad has further strengthened Pakistan’s global image.
He appreciated the efforts of Field Marshal Asim Munir, Deputy Prime Minister Ishaq Dar, Interior Minister Mohsin Naqvi and other relevant officials and said that all institutions worked effectively for the national interest.
Economists say that the reduction in fuel prices can have a positive impact on transport, food items and industrial costs. If oil prices remain stable in the global market, the pace of inflation is also expected to slow in the coming months, which could further benefit ordinary consumers.
