ISLAMABAD: Pakistan's federal government has announced a reduction in petroleum product prices, providing relief to consumers on the third day of Eid ul Azha, according to the Prime Minister’s Office media wing.
In a statement issued on Friday, the government said petrol and diesel prices have been reduced by Rs22 per litre each.
Prime Minister Shehbaz Sharif said the decision reflects the government’s commitment to pass on relief to the public whenever fiscal space becomes available.
He said providing relief to the public remains a top priority of his government and added that previous reductions in fuel prices were also aimed at easing the burden on citizens.
The statement further noted that the government has continued to provide relief even under challenging economic conditions, including subsidies for public transport, goods transport, motorcycles and rickshaws.
It also claimed that timely government measures helped ensure fuel availability in Pakistan during global supply pressures, while in some countries people reportedly faced shortages and long queues.
The Prime Minister’s Office said the government has previously absorbed significant cost pressures to prevent sharp increases in fuel prices and has continued to provide subsidies to support consumers amid volatility in international oil markets.
More read, Pakistan slashes petrol and diesel prices by Rs5 per litre
Earlier, federal government has slashed the fuel prices by Rs5 per liter. According to Petroleum Division notification, the price of petrol has been reduced by Rs 5 per litre, bringing the new rate to Rs 409.78 per litre.
The price of diesel has also been reduced by Rs 5 per litre, after which the new rate stands at Rs 409.58 per litre.
The government has been changing petrol prices every Friday night since the US-Israeli war on Iran started on February 28. The war caused a global fuel shortage because the Strait of Hormuz, a route that carried one-fifth of the world’s oil and gas, was closed.
