Govt slashes petrol price by Rs74, diesel by Rs67 per litre

Prime Minister Shehbaz Sharif on Friday announced a reduction in petroleum prices, saying that the price of petrol had been cut by Rs74 per litre, while diesel prices had been reduced by Rs67 per litre.

"Following the revision, the price of petrol will decrease from Rs373 to Rs299 per litre, while diesel will fall from Rs378 to Rs311 per litre, the prime minister said in a statement issued by the Prime Minister's Office.

The premier said that the government was passing on the benefit of improved regional economic conditions and lower global oil prices to the public.

"We are aware of the difficulties faced by the nation and acknowledged public patience during difficult economic conditions; however, the government has fulfilled its commitment," he added. 

He said the government had tried to minimise the impact of global inflation through available resources since the beginning of the economic crisis.

PM Shehbaz said that the federal government had utilised Rs129 billion through savings and development budget adjustments to provide relief to the public and avoid a sharper rise in fuel prices.

He said that during regional economic instability, Pakistan did not face fuel shortages or rationing due to effective planning and management.

This is the initial story.