PM Shehbaz reduces petrol price to Rs378 per litre

• PM says he is addressing at challenging times amid ME war.
• PM Shehbaz hopes war in the region will end soon.
• PM thanks CMs for committing resources without delay.

In a move aimed at providing relief to the public amid the Middle East crisis, Prime Minister Shehbaz Sharif on Friday reduced the petrol price to Rs378 per litre for a month and slashed the petroleum levy by Rs80 per litre.

The new price would come into effect from 12am on Saturday, announced PM Shehbaz.

PM’s address comes a day after the government announced a Rs137.23 increase in petrol price, and high-speed diesel (HSD) was hiked by Rs184.49.

The prime minister began his address by saying he is once again addressing the nation at a challenging time, with a war ongoing in the Middle East.

Addressing the nation, PM Shehbaz said the oil prices have skyrocketed in the entire region, creating difficulties for the common man. 

“Oil prices have increased significantly in global markets. Inflation has broken the backs of the world’s powerful economies,” he added.

PM Shehbaz hoped that the war in the region would end soon and peace would be established.

He stated that extensive consultations were held at the President's house prior to the announcement of the relief measures.

The chief ministers of four provinces, the prime minister of Azad Kashmir, and Field Marshal Asim Munir were also present at the President's House, the prime minister said.

During his address, PM Shehbaz outlined a relief package, including subsidies for transporters and financial support for small farmers, which was announced by the federal ministers a day earlier.

He said that motorcycle owners will benefit from a Rs100 per litre petrol subsidy and small trucks will receive a monthly subsidy of Rs70,000,

The premier further said that large trucks will be given Rs80,000. Public transport operators will receive Rs100,000 per month.

"To support freight vehicles, a subsidy of Rs100 will also be provided on fuel on a per litre basis,” the prime minister said.

He added that small farmers will be given financial assistance of Rs1,500 per acre to ease their burden amid rising costs. The prime minister also announced that fares for economy class in Pakistan Railways will not be increased.

“I want to thank the provincial chief ministers who have committed their resources without delay for this national cause,” he added.

He also said that earlier, federal cabinet members were to forgo their salaries for two months as part of austerity measures to tackle the fuel crisis, but the period had now been extended to six months.