Prime Minister Shehbaz Sharif has announced a massive reduction in petrol prices, slashing Rs80 per litre in a late-night address to the nation, offering significant relief to inflation-hit citizens.
According to official details, the new petrol price has been set at Rs378 per litre, effective from midnight. The prime minister also confirmed that the petroleum levy has been reduced by Rs80 per litre, contributing to the sharp decline in fuel costs.
Major Relief Measures Announced
In addition to the petrol price cut, the government unveiled a series of subsidies aimed at easing financial pressure across multiple sectors:
- Motorcyclists will receive a subsidy of Rs100 per litre for one month
- Goods transport vehicles will also benefit from a Rs100 per litre subsidy
- Small trucks will get Rs70,000 monthly subsidy
- Large trucks will receive Rs80,000 monthly subsidy
- Public buses will be provided Rs100,000 monthly subsidy
- Small farmers will be given Rs1,500 per acre financial assistance
- No fare increase for economy class passengers in Pakistan Railways
Also Read: How to get petrol subsidy? Govt reveals simple registration process
Cabinet Austerity Measures
PM Shehbaz Sharif further announced that federal cabinet members will deposit six months’ salaries into the national treasury, extending the earlier two-month commitment as part of austerity measures.
Rising Global Oil Prices Cited
The prime minister acknowledged that global oil prices are surging across the region, creating economic challenges for ordinary citizens. He emphasized that the government is taking steps to cushion the impact of inflation and stabilize the economy.
Background: Recent Fuel Price Hike
This development comes shortly after the government had increased petrol prices by Rs137.24 per litre and diesel by Rs184.49 per litre. Following that hike, petrol had reached Rs458.41 per litre, while diesel climbed to Rs520.35 per litre, triggering widespread concern among the public.
The latest reduction is being seen as a major policy reversal and a relief measure aimed at easing economic pressure and restoring public confidence.
