PM Shehbaz cuts petrol price by Rs12, diesel by Rs135 per litre

• Kerosene oil price reduced by Rs17.33 per litre.
• Light diesel oil been cut by Rs25.31 to Rs369.72.
• New fuel prices take effect from April 11.
  

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced a cut of Rs12 in petrol price and Rs135 in diesel rate, citing reduction in global oil prices.

In a televised address, the prime minister said the new fuel prices will take effect from April 11.

The Petroleum Division issued a notification reducing petrol prices by Rs11.83 and diesel by Rs134.81 per litre, setting new rates at Rs366.58 and Rs385.54, respectively.

The price of kerosene has been reduced by Rs17.33 per litre to Rs450.15, while light diesel oil has been cut by Rs25.31 to Rs369.72.

Citing a slight decline in global oil prices, the prime minister said he rejected a proposal to divert fuel price relief towards government expenditure and insisted that the full benefit be passed on to the public.

He reiterated that providing relief to farmers and reducing input costs remained a key priority of his government, particularly at a time when agricultural productivity and affordability were under pressure.

The prime minister said Rs129 billion had been spent to control inflation and provide relief to the public, adding that the government had contributed additional resources despite financial constraints.

Despite the reduction in fuel prices, he said, subsidies for motorcycles and transport would continue, while efforts would be made to further reduce costs for farmers.

His address comes as Pakistan gears up to host high-stakes peace talks between the United States and Iran in Islamabad.

At the beginning of his address, the prime minister briefed the nation on the ceasefire between the United States and Iran.

He said the Gulf region was moving from conflict towards peace talks after both sides agreed to engage in negotiations and de-escalation.

Pakistan persuaded both sides to agree to a temporary ceasefire and invited them to Islamabad to resolve their disputes, he added.

PM Shehbaz thanked the Iranian and US leadership for their support in facilitating the breakthrough.

He lauded Deputy Prime Minister and Foreign Minister Ishaq Dar and his team for their efforts in securing the two-week ceasefire.

The prime minister also praised Chief of Defence Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir for his role in helping halt the conflict and bring both parties to the negotiating table.