Prime Minister Shehbaz Sharif made an announcement on Friday. He said the government is reducing petroleum prices. The price of petrol is going down by Rs74 per litre. Diesel prices are also going down by Rs67 per litre.
The new price of petrol will be Rs299 per litre. It was Rs373 per litre. Diesel will now cost Rs311 per litre. It was Rs378 per litre. Prime Minister Shehbaz Sharif said this in a statement.
This announcement came after Prime Minister Shehbaz Sharif signed an agreement between the US and Iran. He was the mediator for this agreement. The agreement is called the ‘Islamabad Memorandum of Understanding’. US President Donald Trump and Pezeshkian also signed this agreement.
Prime Minister Shehbaz Sharif said the government is passing on the benefit of global oil prices to the people. He said the government is keeping its promise to the nation.
People have been facing a lot of difficulties. They have been very patient and strong during these times. Prime Minister Shehbaz Sharif is very grateful to the people for supporting the government.
The government has been trying to reduce oil prices from the beginning. They used their resources to do this. The federal government used Rs129 billion to give relief to the people. This was done through budget allocations and savings from austerity measures.
Prime Minister Shehbaz Sharif said Pakistan did not face an energy crisis like some countries. This was because of planning. People did not have to stand in lines to buy petrol. The government and provinces worked together to keep the economy stable.
The government is passing on the benefit of global oil prices to the people. They will keep trying to keep the economy stable and reduce inflation. During the crisis the government was very careful with its spending. They also gave subsidies to people who needed them.
Prime Minister Shehbaz Sharif said the governments top priority is to give relief to the people. He said peace in the Middle East is possible because of Pakistans efforts. The ‘Islamabad Memorandum of Understanding’ is an agreement.
Prime Minister Shehbaz Sharif thanked the Chief of Army Staff Field Marshal Asim Munir for his work. He also thanked government officials for their role in bringing peace.
Earlier in the day oil prices went down. This was because oil tankers started moving through the Strait of Hormuz after the peace deal between the US and Iran. Brent crude futures fell by 43 cents to $79.42 a barrel. US West Texas Intermediate crude fell by 17 cents to $76.43 a barrel.
On Thursday oil prices were at their lowest since March. Several tankers, including three Saudi-flagged vessels sailed through the strait after the presidents of Iran and the US signed an agreement. Analysts think this deal will bring oil into the global market. The agreement also includes the lifting of US sanctions on oil.
When global oil prices went up the government raised fuel prices by more than 50%. In April the government raised the petrol price by Rs137 per litre. Later Prime Minister Shehbaz announced a reduction in the petroleum levy on petrol. The price of petrol went down to Rs378 per litre.
Week the government cut the price of petrol by Rs4 per litre and diesel by Rs2 per litre. Earlier the government reduced the price of petrol by Rs4 per litre. They also reduced the prices of petrol and diesel by Rs22 per litre as an “Eid gift”, for the public.
