LAHORE (MNN); Fuel stations across various areas witnessed a sharp decline in customers on Thursday after reports of a major reduction in petroleum prices prompted motorists to delay purchases until the new rates take effect at midnight.
Many people waiting at petrol pumps left without refuelling after learning that petrol and diesel prices would be significantly reduced from midnight.
Earlier, Prime Minister Shehbaz Sharif announced a reduction of Rs74 per litre in petrol prices and Rs67 per litre in high-speed diesel (HSD), saying the government was passing on the benefits of falling global oil prices and an improving regional economic environment.
While the official notification is still awaited, the revised prices are expected to bring petrol down from Rs373.78 to Rs299.78 per litre, while HSD is likely to decrease from Rs378.78 to Rs311.78 per litre.
In a statement issued by the Prime Minister’s Office, PM Shehbaz said the government was fulfilling its commitment to provide relief to the public and ensuring that the benefits of lower international oil prices reached consumers directly.
Addressing the National Assembly, the premier described the reduction as a significant relief measure made possible by easing tensions in the Middle East following the US-Iran peace agreement and the restoration of energy trade through the Strait of Hormuz.
He acknowledged the difficulties faced by citizens during recent economic challenges and thanked the public for their patience and support. The prime minister also praised the coordination between federal and provincial governments in maintaining economic stability.
PM Shehbaz reiterated that any future reductions in international oil prices would be fully transferred to the public. He pledged continued efforts to control inflation, strengthen economic stability and provide relief to citizens, particularly vulnerable segments of society.
The premier further highlighted Pakistan’s diplomatic role in promoting regional peace and credited Chief of Defence Forces and Chief of Army Staff Field Marshal Asim Munir for his efforts in facilitating the Islamabad Memorandum of Understanding.
He also appreciated the contributions of Deputy Prime Minister and Foreign Minister Ishaq Dar, Interior Minister Mohsin Naqvi, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, Petroleum Minister Ali Pervaiz Malik and other members of the government team for their work during the economic crisis.
