PM announces major fuel price cut, petrol and diesel reduced by Rs22 per litre

A significant reduction in Petroleum prices has been announced by Prime Minister Shehbaz Sharif on Friday. He has referred to this price reduction as an Eid gift to the nation on the 3rd day of Eid.
This price reduction is of PKR 22 per litre for both petrol and high-speed diesel.
So the revised rates are for petrol (motor spirit), which now costs Rs381.78 per litre, down from Rs403.78. Similarly, high-speed diesel (HSD) has been reduced from Rs402.78 to Rs380.78 per litre.
Prime Minister Shehbaz Sharif further stated that the decision was made to pass on the benefits of international price adjustments to end users (consumers). This is according to the Government’s promise to give relief to the public as and when possible.
PM Shahbaz further said that they had made an earlier promise to the nation to provide relief as soon as financial space became available. He also added that easing the burden of citizens has always been a top priority of the Government.
PM Shahbaz has also given an assurance to the nation that this would not be the first reduction in fuel prices, as it was given last week in the form of a price adjustment and many more to come.
The Prime Minister further said that despite the tough global economic conditions, the Federal Government has continued to extend support to consumers, including targeted fuel subsidies for public transport, goods transport, motorcycle and rickshaw users.
He also added that despite volatility in global oil markets and rising international crude prices, the government had provided subsidies to the public for Rs130 billion to absorb the pressure itself rather than to shift this on the public.
Prime Minister Shahbaz has also highlighted that Pakistan ensured uninterrupted fuel availability through timely policy interventions and subsidy measures, while some countries in the region are facing fuel shortages and long queues.
The latest reduction is expected to provide broad-based relief to consumers and transporters across the country before the upcoming financial year.