PM Shehbaz Announces Rs135 Cut in Diesel, Rs12 in Petrol Prices

ISLAMABAD: in a major fuel relief, Prime Minister Shehbaz Sharif announced on Friday that the government was reducing the price of diesel by RS135 per litre and that of petrol by Rs12 per litre.

He made the announcement in a televised address to the nation. PM Shehbaz said diesel would be available at Rs385 per litre and petrol at Rs366 per litre from 12am on Saturday.

Moreover, he said targeted subsidy initiatives announced by the government following the fuel crisis resulting from the Middle East crisis would not be discontinued.

The premier began by saying that he was addressing the nation at a “historic occasion”, when there was talk of peace instead of war in the Gulf.

He said that parties that had been facing each other in a war had now agreed to resolve their issues through dialogue.

He thanked the leadership of Iran and the US for accepting his proposal for a two-week ceasefire and invitation to visit Pakistan to hold talks for the restoration of peace.

He said, “Pakistan hosting these talks was not just a proud moment for Pakistan but for the entire Muslim world.”

The prime minister also confirmed that the previously announced subsidy for low and middle-income groups—referred to as “white-collared” individuals—will continue.

Highlighting the importance of timing, Shehbaz Sharif noted that reducing fuel costs during the wheat harvesting season is critical.

He warned that failure to provide relief at this stage could result in increased production costs, ultimately leading to higher food prices for consumers. The announcement comes as global oil prices have seen a relative decline in recent weeks.

The prime minister revealed that a proposal was under consideration to use part of the reduced oil prices to offset Rs129 billion spent earlier to control inflation. However, he rejected the idea.

Instead, he chose to pass on the maximum possible relief directly to the public, calling it a “moral responsibility” after citizens endured rising inflation.