PM Shehbaz announces reduction in petrol prices by Rs74, diesel by Rs67

Prime Minister Shehbaz Sharif on Friday announced a Rs74 reduction in petrol prices and Rs67 for high-speed diesel (HSD) as the government seeks to pass on the relief from the declining international oil prices.

The official notification for the new petroleum prices — revised on a weekly basis since the US-Iran war erupted — is yet to be issued.

Once notified, the price of petrol will stand at Rs299.78 and high-speed diesel (HSD) at Rs311.78, down from Rs373.78 and Rs378.78 per litre, respectively.

In a statement from his office, PM Shehbaz said the government was passing on the benefits of an improved regional economic situation and dropping oil prices.

“We are now fulfilling the promise we made to the nation,” the premier said in the statement.

Speaking in the National Assembly earlier in the day, PM Shehbaz vowed a “significant” reduction in fuel prices, as tensions eased in the Middle East following the US-Iran peace deal and the restoration of energy shipping in the Strait of Hormuz.

“The price of petrol is being reduced by Rs74 per litre, while diesel is being reduced by Rs67 per litre,” the premier’s statement........

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