PM Shehbaz announces major petrol price relief amid oil price drop

Prime Minister Shehbaz Sharif has announced that a “significant” reduction in fuel prices will be declared following a sharp decline in global oil rates after recent geopolitical developments.

Addressing the National Assembly, the prime minister said the government’s weekly petroleum pricing review would reflect the benefits of falling international oil prices, which he linked to a recent agreement between the United States and Iran aimed at ending hostilities.

He stated that Pakistan had committed to passing on relief to the public as global oil prices declined. “A significant decrease in prices will be announced today,” he said, adding that further reductions could follow if international trends continue.

PM Shehbaz noted that oil prices had surged earlier during the conflict phase, triggering inflationary pressure across the country. He said the government had spent Rs128 billion to stabilise prices and reduce the impact on consumers.

He also credited provincial governments and key federal ministers, including Petroleum Minister Ali Pervaiz Malik, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, and FBR Chairman Rashid Mahmood Langrial for their role in maintaining economic stability.

According to details shared in the assembly, Pakistan had faced months of economic pressure due to rising global energy costs during the conflict, which disrupted supply routes including the Strait of Hormuz.

The government had earlier increased fuel prices in March but later introduced weekly revisions in line with international markets. Officials say the latest reduction aims to ease inflationary pressure on households and transport sectors.

Following the announcement of a US-Iran memorandum of understanding, global oil markets reportedly saw a downward shift, prompting expectations of further relief in the coming weeks.