Summary
- ISLAMABAD: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum product prices, providing major relief to consumers across the country amid falling global oil rates.
- Addressing the National Assembly, the prime minister said that declining international oil prices and regional developments had created space for economic relief, adding that Pakistan would pass on the benefit to the public through a substantial cut in fuel prices.
- The prime minister further noted that Pakistan would send a delegation to Iran, while also extending an invitation to the Iranian president to visit Islamabad at an appropriate time.
ISLAMABAD: Prime Minister Shehbaz Sharif has announced a significant reduction in petroleum product prices, providing major relief to consumers across the country amid falling global oil rates.
Addressing the National Assembly, the prime minister said that declining international oil prices and regional developments had created space for economic relief, adding that Pakistan would pass on the benefit to the public through a substantial cut in fuel prices.
He said the government had reviewed the weekly pricing mechanism and decided to reduce petroleum rates considerably, crediting federal and provincial leadership for efforts aimed at easing inflationary pressure on the public.
The prime minister also highlighted Pakistan’s growing diplomatic engagement in the region, stating that the country’s role was being acknowledged internationally. He added that unity and national cohesion remained essential for continued progress and stability.
During his address, Shehbaz Sharif said he recently held a detailed telephone conversation with Iranian President Masoud Pezeshkian, during which the Iranian leader expressed gratitude to Pakistan for its support. He said the Iranian president appreciated Pakistan’s solidarity during recent developments and extended an invitation for a high-level Pakistani delegation to attend upcoming ceremonies in Iran.
The prime minister further noted that Pakistan would send a delegation to Iran, while also extending an invitation to the Iranian president to visit Islamabad at an appropriate time.
He praised the efforts of national leadership and institutions for their role in regional developments and thanked various political figures for their contributions, saying the collective effort reflected national unity and shared responsibility.
Fuel prices in the country are expected to drop by as much as Rs55 per litre following the announcement, marking one of the most significant reductions in recent months.
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